A frustrating and ironic aspect of political debate is people's utter inability to agree even on foundational facts. Does this country face a real terrorist threat? Do tax cuts disproportionately favor high-earners? Does a portion of the payroll tax sit in a trust fund, protected by a lockbox? Etc.

Of course, there would be a somewhat better basis for debate if politicians and bureaucrats were required to provide clear information about the finances, operations, and output of their various empires. Alas, there is no way to require politicians to speak honestly. Accountability occurs, if at all, at the ballot box.

I think of that often because where I work we offer many seminars, books and services designed to help companies deal with securities regulations that require corporate leaders to provide, what else, clear information about the finances, operations, and output of their various empires.

Alas, there is no way to require CEOs to speak honestly. But lawmakers don't trust the accountability of the marketplace. Therefore, we have a boatload of laws and regulations that will never work, but which must be somehow dealt with.

Can the laws and regulations ever work better than a fluid and transparent marketplace? That's a question of fact. And in this country, we generally don't agree on basic facts.