The government asleep at the wheel (again)

[Uncle Ted]

It seems that Deepwater Horizon was the federal Minerals Management Service's model for safety until it sunk to the bottom of the gulf. So much so MMS didn't even bother doing regular inspections and allowed the rig to operate without all the safety documentation that is normally required. Maybe the SEC is not the only overpaid, government agency that likes to surf porn rather than do their jobs.

Of course, BP claims they will do the right thing and ignore the fact that under current U.S. law they are limited to paying out only $75M in liability claims. The key words here seem to be "legitimate claims" which, I believe, translates to "if we lose in court we might pay." Of course, the liberals are quick to claim this is yet another example of a break down of the free market. It is starting to become clear who will most likely be paying the bill in the end: the 53% of us that are income tax payers.

[RobinFinderson]

The "cozy relationship" between federal regulators and the industries they regulate has got to come to an end. The Gulf Coast disaster is a perfect example of why we need strong regulation that works. Better to pay the taxes that protects our environment than to pay the taxes to clean things up (and bail out an industry).

[il Padrino Ute]

I don't know why anyone is surprised when we hear about government agencies failing to do their job.

[wuapinmon]

I don't know why anyone is surprised when we hear about government agencies failing to do their job.

Honest question, do you really believe that private industry would do a better job of regulating safety?

[il Padrino Ute]

Honest question, do you really believe that private industry would do a better job of regulating safety?

It's not that the private industry would do a better job, but that government has proven to be incompetent.

[RobinFinderson]

I don't know why anyone is surprised when we hear about government agencies failing to do their job.

What does anyone expect when the country has gotten so conservative? The GOP runs on a platform that government shouldn't be trusted, and that private interests should be given the broadest latitude to do what they want. When the GOP wins, they fill appointments with people who think the government should keep its hands off of industry. What happens next? The government fails at doing what it is supposed to do in the regulation of industry.

This is what happens when you elect people who run on a platform of weakening government's ability to regulate. The government ends up failing to regulate.

[beefytee]

What does anyone expect when the country has gotten so conservative? The GOP runs on a platform that government shouldn't be trusted, and that private interests should be given the broadest latitude to do what they want. When the GOP wins, they fill appointments with people who think the government should keep its hands off of industry. What happens next? The government fails at doing what it is supposed to do in the regulation of industry.

This is what happens when you elect people who run on a platform of weakening government's ability to regulate. The government ends up failing to regulate.

You realize who is in power right now in all federal branches, right? Do you think it will just take time and will get better? How long is it going to take?

I don't foresee things getting better. With the spending/debt/deficit issues and commitments the government has already made I doubt anymore money is going to go to such enforcement/regulation.

[Uncle Ted]

Honest question, do you really believe that private industry would do a better job of regulating safety?

I think if industry was held totally responsible for their actions then, yes, they would do a better job and take a hell of a lot less risk. If they knew there were no bailout coming and no limit on liability claims then I am pretty sure that most companies that care to be around for the long run would take a lot less risks.

"Capitalism without failure is like religion without sin. Bankruptcies and losses concentrate the mind on prudent behavior. " -Allan H. Meltzer.

Honest question, do you really believe that more government porn surfers will do a better job?

[RobinFinderson]

You realize who is in power right now in all federal branches, right? Do you think it will just take time and will get better? How long is it going to take?

I don't foresee things getting better. With the spending/debt/deficit issues and commitments the government has already made I doubt anymore money is going to go to such enforcement/regulation.

It doesn't have to do with who is in power at any particular moment. Each regulatory agency has its own institutional culture, which has developed over many years. The conservative movement has been extremely effective over the last thirty years, and the entire country (Democrats included) have been pulled to the right. On the whole, the failure of government to do what it is supposed to do, is largely a reflection of the success of conservativism... and conservative democrats are just as much to blame as conservative republicans.

[RobinFinderson]

I think if industry was held totally responsible for their actions then, yes, they would do a better job and take a hell of a lot less risk. If they knew there were no bailout coming and no limit on liability claims then I am pretty sure that most companies that care to be around for the long run would take a lot less risks.

Unfortunately, those people from both the left and the right who insist that industry be held totally responsible fore their actions get marginalized as fringe elements of their respective parties.

The true liberals want regulation that prevents disasters.

The true conservatives want accountability that prevents disasters.

Neither true liberals nor true conservatives win elections.

[woot]

This is the same reason why the FDA doesn't have the power to shut down meat processing plants that consistently produce bad meat. All of the regulatory agencies are filled with people with ties to the food industry. I don't know if if it's really the republicans who are responsible for this, but it needs to change.

[wuapinmon]

Honest question, do you really believe that more government porn surfers will do a better job?

No, I don't. I think we need oversight, of most everything. But, should it be private or public, that's my question.

I don't think self-policing works, because eventually every company will find itself in straits and need to make that choice between safety and profits.

I'm not sure that private watchdogs can do the job either, because they are largely toothless.

I agree that most businesses need to fail. If BP goes away because of this, I stand to lose money in my shares in BPT. I think that they might wind up in serious trouble, but the government is an oligarchy these days, and I don't think that BP will have much to worry about. Look at Exxon's thriving since Valdez.

[landpoke]

What does anyone expect when the country has gotten so conservative? The GOP runs on a platform that government shouldn't be trusted, and that private interests should be given the broadest latitude to do what they want. When the GOP wins, they fill appointments with people who think the government should keep its hands off of industry. What happens next? The government fails at doing what it is supposed to do in the regulation of industry.

This is what happens when you elect people who run on a platform of weakening government's ability to regulate. The government ends up failing to regulate.

You do realize this country was created on the back of an anti-government tax revolt don't you? This is who we are, not some recent phenomenon.

[byu71]

The "cozy relationship" between federal regulators and the industries they regulate has got to come to an end. The Gulf Coast disaster is a perfect example of why we need strong regulation that works. Better to pay the taxes that protects our environment than to pay the taxes to clean things up (and bail out an industry).

Good luck on regulating human nature. Republicans and democrats are corruptable. Sometimes events happen even when a system is in place to prevent the events.

I too wish influence on our government elected officials and beaurocrats were honorable and made correct decisions in all cases. I wish the dems like Frank, Dodd and Obama hadn't been influenced by the money funneled to them by FNMA, Goldman Sachs, et. al. Of course I wish the same for the repubs. who were unduly influenced.

Maybe we should go to a theocracy where we know corruption and influence doesn't occur. The leaders are led only by high morals and a regard for what is best for the people they have stewardship over.

[RobinFinderson]

You do realize this country was created on the back of an anti-government tax revolt don't you? This is who we are, not some recent phenomenon.

Maybe you are right. I went out for a run on Sunday morning, first time in months. We went to Echo Park, which is where we do most of our running. The lake had an unusually high number of dead carp floating around on the surface, which is probably due in no small part to the fact that the city budget for dead animal removal has been drastically slashed. I thought to myself, "We just can't have nice things."

And maybe that is the story of our country. Short of the military, maybe we are a country that can't have nice things.