How secure is it to use strict regulation when regulators themselves do not agree on what to do?
The twelve regional Fed banks all have regulatory duties. But within them there are often disputes on what exactly is to be done.
The many supervisors and regulators within the system have different functions, with varying answers as a result of their observations. Always, a human element governs what they feel must be accomplished.
Errors inevitably turn up with individual decisions and action that would not happen with free markets. This fact has been established from years of experience.
Remember what I have said in the past about the better predictability of futures markets, as opposed to that of a small group of experts.
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