Who could have known?
From this morning’s Times:
“The last six months have made it abundantly clear that voluntary regulation does not work,” [SEC Chairman Cox} said in a statement. The program “was fundamentally flawed from the beginning, because investment banks could opt in or out of supervision voluntarily. The fact that investment bank holding companies could withdraw from this voluntary supervision at their discretion diminished the perceived mandate” of the program, and “weakened its effectiveness,” he added.
Just another one of those things that no one could have known. The Bush Administration has been afflicted with these kinds of situations. Who could have known occupying a country in the Middle East could cause problems? Who could have known that Osama bin Laden was determined to strike in the U.S.? Who could have known that hurricanes cause major damage? Who could have known that putting the foxes in charge of the hen coop could result in a lot of dead hens?
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