Gutting Wall Street Watchdog Makes Cheating Easier

A basic reason that people break rules is that they believe they can get away with it. And you're more likely to think that you can cheat without consequence if you know that watchdogs won't bark, much less bite.

This observation doesn't just jive intuitively with our understanding of human nature, it also squares with lived reality. Fewer police means more crime. No drug testing in baseball means an epidemic of steroid use. Rare audits mean more tax cheating. And so on.

Wall Street, of course, is the mother of all case studies of how lax oversight leads to more cheating. Here, in the world of big money, the incentives for bad behavior are astronomically high -- especially given how huge fortunes can be made before the market imposes any punishments for cheating (a corrective that libertarians believe, wrongly, can deter most wrongdoing).

You'd think that this simple truth would be fresh in people's minds, with the U.S. still grappling with the aftermath of a financial crisis that was brought on, in part, by widespread cheating by banks, mortgage brokers, and various other players.

Apparently not.

This week Congress decided to give the Commodity Futures Trading Commission, a key Wall Street watchdog which polices the derivatives market, a third less money than the Obama Administration had requested.

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