The government could stop insuring bank deposits and mortgages. If savers and investors truly thought they could lose their capital, they examine risks a lot more carefully.

Life is full of risks and we must consider them. Selecting a group of people who have no financial stake in the outcome to decide what risks should be taken seems unwise. Especially when they can be paid to look the other way.

Sure we can hand our thinking to other people. But that might lead to disaster. Oops.