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But there's the rub.  Why would the market respond favorably to rules set up by the government?  After a few years, those rules will be said to be too "old school" and inappropriate for new developments in the industry, and too politically cumbersome to update as well, leading to a new private industry doing the same thing rating agencies do now -- qualitative, privately compensated advice to very wealthy investors.  And people will believe the ones paid by the billionaires with real skin in the game before the government bureaucrats, like they do now in every filed regulated by government ratings and analysis.
by santiago on Mon Apr 26th, 2010 at 01:07:01 PM EST
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