Joe Klein essentially makes that argument in his latest TIME column:
The financial police we have, agencies like the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), have been laughably inept in the era of financial deregulation. The SEC wasn’t even able to spot the broad-daylight highway robbery committed by Bernard Madoff. And so, in 2010, the Obama Administration nudged through Congress the Dodd-Frank financial-reform bill, which was designed to put real cops, with real regulatory heft, on the financial beat. And now, in 2011, the Republican House seems intent on quietly gutting the bill under the sordid camouflage of budget cutting. “They’re defunding the police after we had the biggest bout of looting in history,” an Administration official told me. “That’s just crazy.”
As crazy as doing the same thing over and over again and expecting different results?
