The Corner

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Accountability Without Evidence


Jeff Aldrich and Tony Fabrizio have a piece on NRO arguing for “legally binding” contracts between politicians and voters–whatever that would mean. They note that some people think that moving toward a more poll-driven politics might undermine good government. Not to worry: They’ve done a poll that shows that most people don’t care. Q.E.D.

In the course of their article, they write, “After several high-profile accounting scandals, significant (and legitimate) public anger forced Congress to enact a number of reforms. While the cumulative impact of these reform measures (and possible unintended consequences) is still being studied, it is clear that something had to be done to restore the faith of investors and protect the growing investor class.” Something was being done before Congress legislated. Lawbreakers were being prosecuted and markets were punishing mismanaged companies. If regulations restored investors’ “faith,” then shouldn’t the markets have perked up after their enactment? Instead they kept falling, rising only when profits did.