SEC Chairman William Donaldson’s aggressive crackdown on corporate wrongdoing has provoked a backlash from the right-wing, who have started a whisper campaign that Donaldson is engaged in “Stalinist planning.”
The response to Donaldson has also exposed the right-wing’s disastrous economic approach. In a CQ article [sub. req'd.] American Enterprise Institute scholar Peter Wallison had to say about Donaldson’s actions:
The idea of regulating in areas where there has been no market failure is quite stunning.
Of course. Who would ever want to prevent a problem before it starts? Better to wait for a complete meltdown, like Enron or WorldCom, and then think about doing something.
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