Proof that (some) politicians have no idea

We smile at the struggling actions of politicans and regulators to understand and legislate for the complexities of the financial system and economy.

Just look at the Labour and Conservative parties at the moment, with the former saying all power must be given to the FSA and the latter saying give it to the Bank of England.

And then we have today's headlines where politicians attack other politicians' plans, with the Treasury Select Committee describing the Government's proposed
changes to the supervisory system for banking as "cosmetic" and "a
muddle".

But if you really want to see how politicians mess up, you only have to look to our friends and counterparts in the USA. 

Over to you Mr. Stewart (yes, he of the famous spat with Jim Cramer):

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