When a zealous Congress decided to launch a crusade to “prevent another Enron,” it could only mean one thing: bad, poorly conceived legislation. Hoover fellow Richard Epstein explains.

In the months since he has taken over as general secretary of the Chinese Communist Party (CCP), Hu Jintao has focused on domestic issues. Indeed, recent interviews in China suggest that some foreign policy specialists are concerned that Hu's domestic interests will distract him from important foreign policy issues. In any event, a recently published survey of social trends in China outlines the depth of the problems facing the Chinese government. These are not short-term or easily handled problems; they are rooted in the demography of China and in the long-term separation between urban and rural areas. Public opinion surveys suggest that China's most vulnerable do indeed feel worried about the future. Nevertheless, the same surveys show that a sizable majority of Chinese is cautiously optimistic about the future. Such assessments of the future appear to give the government a window of opportunity for addressing the social pressures it faces.

The 16th Party Congress marked a shift of power to a younger generation of Chinese leaders, the so-called "fourth generation." These fourth generation leaders, led by new General Secretary Hu Jintao, not only have now held almost all top ministerial and provincial leadership posts, but also have occupied about 80 percent of the seats on the 16th Central Committee of the Chinese Communist Party (CCP). But ironically, these "younger generation" leaders are not really that young. Most generational studies on Chinese political elites define the fourth generation as the generation whose members were born between 1941 and 1956 and had their formative years during the Cultural Revolution. Now these leaders are between 47 and 62 years old.

The misplaced focus of blame for the bubble