March 12, 2008
NPR Piece on Financial Privacy

Yesterday Larry pointed out that the way Spitzer was busted reveals how little financial privacy we have. This morning NPR had a story on how banks monitor customer activity and notify the police if they think a person's financial transactions are suspicious.

Posted by E. Frank Stephenson at 02:13 PM in Economics

The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith

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