AT MEGAN MCARDLE’S, an important comment on the foreclosure mess:

You’ll have a hard time finding any market as highly regulated as mortgages and finance. The idea that a LACK of regulations are a major problem here is laughable. It also comes from this bizarre idea that a lot of people have that there is some “Regulation Knob” that government has control of, and they can turn the knob to the right to “increase regulation” and turn it to the left to “decrease regulation”. This just is not the case at all – there is bad regulation and good regulation. The idea that some people think the solution to all of our problems is simply more rules and more employees at regulatory agencies is bizarre.

Much more at the link.