Footnote or Afterthought
I apparently wrote this on December 5, 2009, but it finally seems appropriate to post now.
When a Libertarian longs for the days of William Black, you know things are broken. No, this is only half true. Many Libertarians believe the proper role of government is to prosecute fraud, and WB was willing to commit career suicide to play that role. And the word “career” is probably unnecessary. There were legitimate threats against his life for his role in cleaning up the S&L crisis. It was his views on the scope of banking regulation that makes him a non-favorite of Libertarians. Unfortunately, today’s regulators seem to have the same desire to expand the power of regulators without the guts to actually prosecute those that violate the laws.
