Quote of the Day: Christopher Caldwell
One Oklahoma bureaucrat complains that US authorities are trying to impose a "one-size-fits-all" regulatory regime. But one man’s one-size-fits-all is another man's equality-under-the-law. Because it minimises compliance costs, simple regulation is exactly what a rational actor in a free market ought to want. The alternative -- a jumble of authorities like the one that characterised the US banking system until 2008 -- promotes jurisdiction shopping, regulatory arbitrage and one-off deals with interested legislators.