The idea of specialism takes into account that there will be information asymmetry. The specialist will be able to understand more in their field than a generalist, plus the specialist will be able to make sense of more information relating to that speciality that a generalist may miss, or not understand.
That is all fine but it breaks down in democratic politics as the generalists get a say - even if indirectly - and since the majority determines who is in government, not to mention what constitutes social stability, specialism needs to walk a fine line in explaining actions to the general population. So when you see legislation that contains language like this:
Sec. 8. Review. Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agencyIt is not good. Not only is it a blank check, and not only does it make no attempt to explain the treasuries actions or put it under scrutiny, it is also classic state of exception stuff; where the legislative aids the executive in subverting the doctrine of judicial review. This means law becomes politics and the judicial has to fight to maintain its relevancy. It is not good. We are seeing subsidy after subsidy of taxpayer money being thrown to the financial sector in what is a trillion dollar wealth transfer from the American public to those that have poor business acumen. This is the worst of all worlds. The failed businesses are being propped up, the US government is buying junk at market price without equity and when everyone knows it is worth pennies ... what a failure of government. It is like New Orleans and Katrina all over again; just this time in the financial sector and not the emergency response arm of the Administration. We are seeing arguments that it is the end of neo-liberalism, but really it should be an argument for the end of bad governance. Apparently there were regulatory mechanisms in place to stop the over the top leveraging of the firms like Lehmann Brothers, but that was foregone - due to bad governance.
