More regulation, less central planning

``Just as a highway free of lanes and speed limits and police is not truly free, our debt markets, for example, have become dominated by the will of the largest and fastest drivers, pushing as hard and as fast as they can in competition with each other, weaving and in and out among the rest of us as we poke along with our mundane consumer and business borrowing needs, as they use rarefied securitized debt instruments to fund uneconomical leveraged buyouts and mortgage loans, inevitably leading to the kind of massive slow motion pileup that has been going on here since July 2007. As the rest of us squeeze by in the credit market breakdown lane, less able to fund even sound and simple borrowing, like some third world, privately owned fire squad the Federal Reserve enters to backstop the entire debt risk polluted financial system on behalf of its owners, with whom we share the road.''