The Wall Street Journal-20080125-Don-t Just Do Something-

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Don't Just Do Something!

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Journal reporter David Wessel warns that "the business model for big U.S. banks is broken" and that if bankers don't devise a better model Rep. Barney Frank will ("How to Unbreak the Banks," Capital Journal, Jan. 10). Mr. Wessel is correct that most banks' business models aren't currently producing profits, but this isn't cause for concern for anyone but their shareholders.

Markets are a discovery process, with firms and investors learning as they try new ideas and react to changed conditions. What markets need is a stable regulatory environment, in which every dip in the market doesn't produce a new set of rules. Unfortunately, there is little evidence that Rep. Frank and his comrades on the House Financial Services Committee understand this, making it virtually certain that they will rush to "solve" the banking crisis with new legislation. The best assistance Rep. Frank could offer would be to commit his committee to resolute inaction for an extended period of time, offering both banks and investors the assurance that the rules of the game would remain unchanged and allowing them to learn from their experience in the market place.

Andrew P. Morriss

Professor, Institute for Government and Public Affairs

University of Illinois

Champaign, Ill.

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