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"Never, Ever Forget Why Regulators Became Regulators"

John Tamny raises a fine point.

Regulators are those who mostly didn't rate acceptance at elite instiutions, plus it cannot be stressed enough that for the most part those who presume to regulate are the ones who couldn’t get jobs in the industries regulated.

Imagine then, what the above means to chief executives? While the businesses they run aim to achieve greatness by hiring the best of the best, they’re suddenly being “advised” on how to run their businesses, and most often being told how to run their businesses by individuals who could never hope to work for them in a normal world. It’s the equivalent of Goldman Sachs facing a requirement to hire a failed math student for a position on the arbitrage desk, or Saban being forced to play at quarterback someone who was a backup in high school.