Well, the first problem is to get the current crop of Democrats out of power. Nothing can be fixed as long as they are running things. As Krauthammer points out, their goal isn’t to fix problems, it’s to acquire more power. Barney Frank was perfectly happy to rail against regulatory oversight of Fannie Mae when his cronies (and lovers) were running it and funneling money to him and his party. Now that it blew up and caused a bunch of collateral damage, he’s happy to rant about increasing regulation of sectors that didn’t contribute to the problem.

I could, we all could, go on with examples. But the basic problem is that both Singer and Krauthammer are right. We need regulation, but not by the clowns currently in office.