The Riskiness of Putting Trust in the Best and the Brightest

The Washington Times's Tony Blankley makes a strong case against Uncle Sam's proposed "systemic-risk regulator."  Here are his concluding, and I think key, paragraphs:

But the purpose of the proposed systemic-risk regulator is not only to spot the impending systemic risk – but to intervene to prevent it from happening. Consider the power such a regulator would have. Consider that the existence of such a regulator would increase moral hazard – as it would be assumed that if the systemic...