Too Stupid to Decide

A Harvard professor wants the government to limit what types of credit products consumers can buy. She apparently doesn't feel that Americans are smart enough to make their own decisions with regards to credit cards and mortgages.

Before imposing this policy on the whole country, however, let's see how it works just on the faculty of Harvard. We could pass a law giving some bureaucrat the power to determine what types of credit products Harvard faculty can buy. After ten years or so we will see if the Harvard faculty benefited from having their choices limited. If, and only if, they did we can think about extending this bureaucrat's power.