The sky is falling!

Amidst the flurry of chicken little commentary and demands for government action, some reason from David Warren:

The problem must be solved, or so everyone says, by increasing government regulation. Am I perhaps alone in observing that this regulation is already as dense and complex as the industry, and that it might well make more sense to make the regulations not denser and more complex, but rather, simpler, more transparent and effective. For to my mind, we ought to have learned by now that the more complex a system grows, and the farther removed from the hard facts of nature, the more susceptible it becomes to catastrophic failure.

It seems inevitable that the Lehman brother/banking debacle of 2008 will increase the size and scope of government. This NYTimes piece discusses how the U.S. is increasingly viewed as hypocritical on being a free market society.