Not deregulation, but bad regulation

Via Veronique de Rugy at The Corner, Niall Ferguson in the NYT Magazine:

It is more than a little convenient for America’s political class to blame deregulation for this financial crisis and the resulting excesses of the free market. Not only does that neatly pass the buck, but it also creates a justification for . . . more regulation. The old Latin question is highly apposite here: Quis custodiet ipsos custodes? — Who regulates the regulators? Until that question is answered, calls for more regulation are symptoms of the very disease they purport to cure.

Related: Barney Frank bullying a hedge fund. That was back in October, though, before the change in administrations. Now that the President is doing the bullying, the old Latin question will be even less likely to receive an answer.

And some comments at Althouse.