Madoff fiasco shows the weakness of ever more regulations as answer.

The first response to any glitch in society in some quarters seems to be a call for more regulation and bigger government. That certainly occurred with the Enron debacle and the present economic downturn.

Steve Chapman presents a refreshingly different take on the lessons of the Madoff fiasco. He argues that SEC regulators had investigated Madoff's operations 8 times in 16 years without taking action against him. He contends that adding more regulators and regulations would be unlikely to improve that result. After all, "governments, like every other institution, are staffed by fallible individuals who can be fooled as easily as anyone else."