There are lots of problems with America’s regulatory agencies. Budgets shouldn’t be one of them.
Take the Commodity Futures Trading Commission (CFTC), a great case in point.
The CFTC is responsible for a lot of regulation. It now regulates the largest, most opaque market on the planet, the $400 trillion-plus swaps derivatives market.
And while $400 trillion is a big deal, so is catching LIBOR manipulating crooks, and commodity pooling Ponzi-schemers, and Jon Corzine, and determining whether banks (I’m not going to name names, Goldman Sachs) that own commodity warehouses that control metals are manipulating prices.
All of the market-related things the CFTC regulates and is responsible for are, depending on who’s being screwed, relatively equal in importance.