My colleague Peter Wallison has an important piece in the Washington Post today on the proposed Consumer Financial Protection Agency:
In this way, and for the first time in our history, the government will force a major sector of the U.S. economy to deny products and services to a large proportion of the population—not because the products or services are inherently dangerous, like drugs or explosives, but because in the view of the Obama administration no amount of disclosure can make some Americans capable of understanding what they are buying.
This is the logical political extension of what I call Summers’ Law.