Unaccountable Overseers

by Don Boudreaux on October 29, 2009

in Other People's Money, Politics

This letter-writer argues that Congressional oversight does not generate accountability.

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{ 12 comments }

Anonymous October 29, 2009 at 10:47 pm

Kinda like saying black is a dark color.

Anonymous October 30, 2009 at 7:23 am

Actually, black is an absense of color — sort of like darkness is a lack of light. To most educated people, darkness is the natural state of things — occasionally interrupted by color and light. In some economic circles there are people who are hell bent on observing black and darkness — the natural state of things — while proposing that color and light could be taxed to improve the situation.If there’s going to be a tax — tax the black and darkness — at least that might produce color and light.

Anonymous October 30, 2009 at 10:03 am

Yep, kinda like saying black is a dark color, eh?

Anonymous October 30, 2009 at 10:03 am

Yep, kinda like saying black is a dark color, eh?

Anonymous October 30, 2009 at 7:23 am

Actually, black is an absense of color — sort of like darkness is a lack of light. To most educated people, darkness is the natural state of things — occasionally interrupted by color and light. In some economic circles there are people who are hell bent on observing black and darkness — the natural state of things — while proposing that color and light could be taxed to improve the situation.If there’s going to be a tax — tax the black and darkness — at least that might produce color and light.

Bill October 30, 2009 at 1:54 pm

Boudreaux’s argument, if changed, makes a good argument why the Fed shouldn’t be audited. Congress getting involved further in Monetary Policy would be a disaster.

Bill October 30, 2009 at 1:54 pm

Boudreaux’s argument, if changed, makes a good argument why the Fed shouldn’t be audited. Congress getting involved further in Monetary Policy would be a disaster.

Anonymous October 30, 2009 at 2:07 pm

The approach we seem to see with everything these days is a notion that the “buck stops” somewhere else. Have money in a mutual fund? Well, it really isn’t your responsibility to make sure it is run properly, that falls on the regulator.

I realize the gains that are made from the division of labor are tremendous, but I wonder if that principle can be taken too far.

Anonymous October 30, 2009 at 2:07 pm

The approach we seem to see with everything these days is a notion that the “buck stops” somewhere else. Have money in a mutual fund? Well, it really isn’t your responsibility to make sure it is run properly, that falls on the regulator.

I realize the gains that are made from the division of labor are tremendous, but I wonder if that principle can be taken too far.

Anonymous October 30, 2009 at 2:10 pm

Oh, and speaking of Congress as overseers: http://www.msnbc.msn.com/id/33546194/ns/politics-washington_post/

Anonymous October 30, 2009 at 2:10 pm

Oh, and speaking of Congress as overseers: http://www.msnbc.msn.com/id/33546194/ns/politics-washington_post/

Sam Grove October 30, 2009 at 7:01 pm

that Congressional oversight does not generate accountability.

We could argue that congressional oversight creates opportunities for more corruption.

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