May 28 Comment in Response to Huffington Post article by Robert Reicht, “How Conservatives Made the Case for Increased Regulations”.
Mr. Reich is rightly wrong. Rightly, the present regulatory system is a failure. Regulation has failed because it is a political football that the Washington screw ups use to enrich themselves. There has never been true regulation, only a self serving bureaucracy. Case in point BP. The politicians have given this oil giant limited financial liability in the name of regulation, or is it deregulation? They have little dollar incentive to be safe. The inevitable result has been and will continue to be catastrophic, be it Wall Street, the border, Fannie and Freddie, the banks or BP. This is only the beginning.
Wrongly, the cure is not more corrupt regulation. The only possible cure for this evil is the maligned Libertarian approach to governance. Full blown deregulation whose only regulator is the marketplace. There should be no such animal as “too big to fail”. An entity will operate responsibly or it will be an unqualified failure to be junked, period. Government only need require private insurance to protect the people’s interests. These insurance companies will demand and enforce their own regulation. If an oil company cannot operate safely enough to get insurance, that company will not drill. That’s the way it works with my commercial driver’s license. That’s the way it works for we regular folks, are you listening Mr. Reich.
ggoslaw
Victorville, CA
