Depression Over

Well, everybody in the know seems to think so. Bernanke, the Fed Chairman says we're outta the woods technically. 15 million out-of-work Americans would disagree.

The key one supposes is we are not falling anymore. Which is good.

Meanwhile, there are those who are talking about changing the regulation of banks and insurance companies and Wall Street in general. Look...as long as banks create money out of thin-air, booms and busts are inevitable.

No amount of regulation is going to change that, because the greed factor kicks in and gets out of control, often by design among those who are most likely to benefit. There is a wild set of connections Glenn Beck, the TV and radio rant host has tied together with senior people at the Obama administration. True or untrue, I am not in a position to say.

What I will say is this: insisting the privately-held Federal Reserve be the watchdog is like asking a vampire if it would like to watch the Red Cross. At least the fed has this going in its favor now: it is not responsible to anyone.

If it suddenly becomes a regulator, its decisions will inevitably become hopelessly politicized, which serves no one well.