At the interface of finance and legislation the laws of physics apply: Every action has a consequence, every benefit received results in a cost somewhere else.

We who believe that the financial markets are efficient, or at least relatively efficient, see investment products existing together in a rough equilibrium, interfere with this balance by legislation, however well intended, and the result is likely to be unintended consequences. America's glut of office space is just one example, producing benefits for some and long-term problems and costs for others.

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