New Regulation for Financial markets

The government has decided it needs to add regulation to Financial markets to prevent a recurrence of the situation which has left the global economy on the edge of collapse. This comes from a bunch of people who would come second to a one-legged man in an arse-kicking contest. In 12 years in power they have not demonstrated an understanding of Politics or Sociology beyond the most superficial. How can we then expect them to demonstrate any talent for Economics or Finance? I suppose the one thing they might have working in their favour is they want to limit the pay of people in Financial Markets. This is one way to level the playing fields. If you want the regulators to be able to catch people carrying out illegal or dangerous acts in Financial Markets one way you can ensure the regulators are of similar talent to the people they are trying to police is to limit the pay of the group to be policed. this will ensure that the most talented people get out of that area and look for other ways to make money and you will be left with the mediocre. So Financial Markets will have weaker operators and the regulators will have more chance of catching them. Sounds like a good idea doesn't it? Except when you think, the best minds in the community screwed up so badly the world's major economies will take decades to recover from the problems. How badly could the inept and mediocre have done? For the motives that drive Financial markets (viz: Greed and Fear) will not change. So we will have less able people trying to make money in order to collect their bonuses (albeit not at such high levels as previously) being mediocre they will be even less likely to spot the flaws in their schemes. Well you get the picture don't you? Capping pay hardly seems to meet the need to aim for excellence. Mind you I can see where the government is coming from here. If we aimed for excellence in government and were prpeared to pay for it, not one of our current crop of leaders (or Her Majesty's loyal Opposition) would be in consideration for the top government jobs. Let's aim for mediocrity, it is less noticeable when we fail to achieve it.