F.A. Hayek and Ludwig von Mises spent much of their careers warning people about the dangers of central planning.
One expects they would be disappointed to read a recent Bloomberg Businessweek article about a new ?council of regulators,? whose mission involves reviewing ?non-bank financial companies for possible inclusion under the Fed?s regulatory umbrella, taking into account everything from size and debt to hidden liabilities.?
If you believe the economy is a machine in need of fine tuning, this new group might make sense. If you believe increased meddling from the likes of Treasury Secretary Geithner and Fed Chairman Bernanke is more likely to create problems than solve them, this council should cause concerns.
