The new crackdown

The hastily enacted laws were overreaching and reactionary, and did not take into account how the markets worked and responded to new events. The new rules also overestimated what technology could realistically accomplish. For the past two years, it looked as if the regulatory pendulum would swing back to a more reasonable and less draconian zone. By Phil Albinus

Wake up, everybody. That reverie began to fade in the wake of the subprime meltdown and flamed out completely when Bear Stearns