"The nation is about to make two momentous policy choices about the future of our financial system. One will be made by the president, the other by the Supreme Court. Both decisions involve the proper roles for state and federal regulatory authority, and both have far-reaching consequences. Yet the country seems barely aware of the issues, or the stakes involved."
Let's Keep Many Eyes on the Banks - WSJ.com: "We have much to lose by any well-intentioned but perilous experiment in extreme centralization. If such an experiment does not live up to expectations, there would be no simple way for states to restore their authority and the balance of power. Authority once relinquished is seldom regained.
As Thomas Jefferson so aptly warned in a letter to George Washington in 1791, for the federal government to overstep the boundaries of the states is 'to take possession of a boundless field of power, no longer susceptible to any definition.'"
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