If only our financial regulations were dumber! It’s not a cry you hear often. But phrased a little differently, it may be the most cogent criticism of the convoluted regulatory approach of recent decades–and one that applies to most of the Obama Administration’s financial-reform proposals. The argument goes like this: the biggest flaw in current financial regulation is not that there is too little of it or too much, but that it relies on regulators knowing best.
