The Fundamental Regulator Paradox. . . The task of a regulator is to eliminate variation, but this variation is the ultimate source of information about the quality of its work. Therefore, the better the job a regulator does the less information it gets about how to improve.
My preference is for the Federal Reserve to be the systemic risk regulator, because the responsibility for identifying and limiting potential problems is a natural complement to its role in monetary policy.
But let me tell you what happens when regulations go too far, when they seem to exist only for the purpose of justifying the existence of a regulator. It kills the people trying to start a business.
Passion, though a bad regulator, is a powerful spring.
You don't have to look poor, you don't have to look down; For money is a medium of exchange, and that's all; but it is not a mind regulator unless you allow it to be.