Former Rep. John Kasich was sitting in for Bill O'Reilly on Fox News tonight and I was amazed to hear him utter the old saw: "I know you can't legislate morality, but we sure could use some more of it on Wall Street."

While the latter phrase is certainly correct, the former is an old, tired, lame and incorrect analysis. The criminal code is little more than legislated morality. Murder is wrong. Stealing is wrong. Fraud is wrong. Et Cetera.