by Caviar McWharton, ZWR guest contributor
Basel II? You're citing as a symptom of the decline of American Republic Basel II? My good fellow, I dare say I know more about Basel II than anyone else in this family and I vociferously assure you that Basel II, while perhaps an impediment to the tee times of the fellows who work on Wall Street or across the pond on Canary Wharf, is not a net negative. At worst it rivals the capriciousness and vapidity that Messrs. Sarbanes and Oxley enacted on the American Public in the form of the 'Public Company Accounting Reform and Investor Protection Act' but that would be to amalgamate a metaphor rendering the poor similitude unrecognizable.It escapes my comprehension, good sir, why you would seek to elect someone to devise an alternative to Basel II or similar financial regulations. No, while democracy has its place – the election of Presidents, Governors, American Idols, etc., not everything is destined for public referendum due to the duration of ballot procedures and John Everyman’s exceedingly tenuous grasp of international credit review standards. Instead, I suggest those with a political science degree sit quietly pondering the influence of Schumpeter on European heterodox economists and let the adults have at it.