ANNALS OF LIBERTARIANISM, PART 544,030. Goldman Sachs got cold feet about its sale of Facebook shares to preferred U.S. investors in advance of a public offering. It was widely suggested that they feared SEC scrutiny, as the Feds might consider the drawn-out sale an attempt to jack up demand. At the Daily Beast, former Goldman Sachs managing director Nomi Prins said the deal looked like a stinker to her:

If you're one of those investors, here's the deal in a nutshell: You get to buy shares, forking over 5 percent of any possible gains, on top of a 4 percent placement fee and a 0.5 percent expense reserve fee (so you're down 10 percent before the game starts) in a private company that doesn't have to disclose any pertinent financial information to you or any regulator for 15 months. For the privilege, Goldman gets its eight-digit windfall...

Finally GS and Facebook decided to sell the shares exclusively to foreigners with the help of some friendly Russians, which took some of the heat off and raised a lot of cash.

This may look to you like more shady business by which some rich people try to screw other rich people -- and since the suckers will in this case be foreigners, go U.S.A.! But the Wall Street Journal saw it differently: Though "it is 'considered a serious embarrassment for Goldman,'" they wrote, actually "it is the SEC that should be embarrassed." Because of the overregulation. You see -- oh, why not let Ron Hart at the Daily Caller give you the libertarian interpretation directly?

Sadly, the great mother of innovation that was once our country, that helped us create Facebook and Google, might no longer benefit investors. With the proliferation of cumbersome and often ambiguous American financial regulatory laws, companies like Facebook choose to let people in other countries invest in their growth, not Americans. Such was the case with Facebook’s most recent offering where, instead of filing all the complicated paperwork and risking our litigation/regulatory system, it sold $1.5 billion in shares to Russian and other overseas investors, giving them what will probably be a hefty profit. All the layers upon layers of rules and regulations Washington has heaped on an already-fragile financial system have hamstrung our competitiveness and sent jobs and investment money to friendlier shores...

That Russia, a country that once crumbled under the weight of its own immense bureaucracy, is now less regulated and more business-friendly than America speaks volumes.

A writer at Reason gives this big ups, right on the heels of a post that tells how "Russia has long been backsliding, in the words of The Economist, into a 'neo-KGB state.'" But with all those invigorating fee-market deals coming their way thanks to Obamasocialism, no doubt the Russkies will soon shape up.

Meanwhile more internet companies are entering the sluice, and no doubt there'll be more calls for the government to stop being a killjoy when there's money to be made on intangible services. It's all beginning to remind me of what I saw at the dot-com revolution.

This worldwide depression can't come fast enough. The suspense is killing me!