Less than a year after being forced to resign due to a scandalinvolving a prostitute, New York's former governor and attorneygeneral, Eliot Spitzer, emerged from his self-imposed politicalexile to put in his two cents about how to prevent another economicmeltdown. While one is tempted to tell the former crusader to goback to his cave, the problem is that his critique is right ontarget!

In a Nov. 24 op-ed in “Newsday,” headlined “Capitalism Needs SomeRewiring” (click here for the full article), Mr. Spitzer identified a trio ofdeep, “structural” problems that President-Elect Obama and Congresswill have to tackle, citing “misconceptions about what a 'freemarket' really is, a continuing breakdown in corporate governance,and an antiquated and incoherent federal financial regulatoryframework.”

In particular, his take on the supposedly “free market”resonates with me, given the fact that whenever government takesits eye off the ball, the players start making up rules as they goalong, or play with no rules whatsoever, and end up ruining thegame for everyone–especially we spectators–leaving Uncle Sam toclean up their mess and bail out the offending individuals andinstitutions.