Consumer Law

Is Lack of Regulation at the Root of Our Economic and Health & Safety Woes?

By Brian Wolfman

Washington Post business columnist Steven Pearlstein says yes. He begins this way:

The biggest oil spill ever. The biggest financial crisis since the Great Depression. The deadliest mine disaster in 25 years. One recall after another of toys from China, of vehicles from Toyota, of hamburgers from roach-infested processing plants. The whole Vioxx fiasco. And let's not forget the biggest climate threat since the Ice Age. Even if you're not into conspiracy theories, it's hard to ignore the common thread running through these recent crises: the glaring failure of government regulators to protect the public.

And he ends like this:

It's time for the business community to give up its jihad against regulation. We can all agree that there are significant costs to regulation in terms of reduced sales and profits, stunted job growth and even, from time to time, stifled innovation. But what we should have learned from recent disasters is that the costs of inadequate regulation are even greater. Strong and efficient economies require strong and effective government oversight.

The in-between part is worth reading too.

Full post as published by CL&P Blog on May 26, 2010 (boomark / email).