Franklin D. Roosevelt's regulatory agencies, such as the Securities and Exchange Commission, worked quite well over the years, but they were frequently the targets of many Republican presidents who attempted to disband them. But they managed to withstand these onslaughts over the decades.

Until Ronald Reagan hit on the expedient of appointing bankers and Wall Street brokers, the very people the commission was supposed to regulate, to the commission. It's been said many times, but it was a classic case of putting the foxes in charge of the chicken coop.

One of the reasons we're in the mess we're in today.

Don Firth