The end of a model

Some argue in the media that the era in which free-market capitalism was the model by which nations determined their economic policies has ended. Our markets have had too much freedom, they argue. What we need now is less freedom and more regulation.

But our markets have not been free. Regulation is omni-present. Look no further than Sarbanes Oxley. We have not too little regulation but too much, and it hasn't helped.

Most recently, the Bush administration, with Congressional support, and the Federal Reserve have been pumping money into banks and other financial institutions, as well as carmakers. Government money demands government regulation. Has it helped?

There's no evidence so far that it has. But deficits are up and the dollar is down, hardly evidence of success.