On nonregulation:  Gary Becker and Richard Posner consider pollution in China: Posner says we need to pay the Chinese off, Becker says there's nothing to worry about.  "Air, water, and other kinds of pollution at first rise sharply with economic development, and then fall about equally sharply as development proceeds still further," he theorizes, and he observes this sort of development in east Asia.

On fell swoop regulation:  The SEC, in one go, charged 37 audit firms and 32 audit partners "who participated in the preparation and issuance of their firms’ audit reports" with a failure to register with the PCAOB.  Here's an example of the sort of complaint filed; apparently Accounting and Auditing Enforcement only gets to visit the printer once a month.  HT Securities Mosaic.

On trade regulation, North American style:  Mexico has been annoyed since 2002 at the size of American rice subsidies – so annoyed that it might once again sue in the WTO.  The association of Mexican rice producers has petitioned the Mexican government to file such a case, and U.S. subsidies to rice in the 2007 farm bill could establish a basis for litigation.  The U.S. rice farmer has an average subsidization rate of 99 percent or 1.2 billion dollars per year.  HT BNA.

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