A rational argument for financial oversight

President Obama was on Wall Street yesterday pushing for stronger oversight of the financial industry, which he set forth as the best way to prevent another massive financial collapse.

“The only people who ought to fear the kind of oversight and transparency that we’re proposing are those whose conduct will fail this scrutiny,” Obama said during a speech at Cooper Union.

Dan Ariely, professor of behavioral economics at Duke University, joins us with his thoughts on whether watchful eyes are really all we need to keep us honest. Ariely is also the author of “Predictably Irrational:The Hidden Forces That Shape Our Decisions.”