Do We Need more Regulation In Lieu of Madoff Fraud?

As if the pro government regulation movement needs another push, the Bernard Madoff $50 billion Ponzi scheme is sure to usher in more calls for more government regulation. With banks being nationalized, and the auto industry soon to follow suit, the political-economic pendulum has swung 180 degrees. Government, which in most of these cases is the cause of the problems, is being looked to, to be the savior of the entire global economic system.

Now with the Madoff fraud, we are going to hear calls of more regulation of the securities industry. But is that going to solve the problem? It's sort of stupid to legislate more laws, when those on the books are not being enforced. After all, the SEC should have been all over Madoff Securities long ago, but they dropped the ball.

Regulation is not the answer. There is more than enough regulation to discourage anyone from setting up a securities company. What is needed though is for the current regulators to actually do what they are mandated to do.