Archive for May 31st, 2010


This post is prompted in part by a Newsweek article on the spill and the likely political fallout from it. I don’t envy Obama or his advisors.  Up until fairly recently, everybody was screaming to keep government’s nose out of business.  Now everybody is screaming for them to stick their noses in it.  Obviously the appropriate position is somewhere in between the two extremes.  I think there’s a general assumption that the government has access to experts in every field.  What many fail to realize, and is pointed out by the article referenced above, is that those experts typically work in the field.  The government doesn’t drill oil wells, industry does.  How can the government be expected to understand the details of the industry without relying on the industry itself?  Same sort of situation with the banking world.  Unfortunately, it appears we could use a little more honesty, which seems to be in short supply these days.