Welcome to 2018
Welcome to 2018
Posted Jan 3, 2018 22:44 UTC (Wed) by felixfix (subscriber, #242)In reply to: Welcome to 2018 by Cyberax
Parent article: Welcome to 2018
Have you kept track of how many times the US nutritional guidelines have changed at the whim of crony industries? Ever see any heads roll for changing opinions on eggs, red meat, dairy, coffee, chocolate? Remember Saccharin, falsely labeled a carcinogen against all evidence, until the government finally admitted 30 years later they had been wrong from the start? How many heads rolled over that?
Banks before the Fed used to advertise who their directors were, how much reserves they had, and the general safety of their business.
There were many financial panics in the US, including the 1929 crash, and including the curious 1920 recession which was as bad as the 1929 crash but never escalated because Woodrow Wilson had had a stroke and no one was in charge; it was over in 18 months. Several of these panics affected Canada too, but not a single bank collapsed in Canada while thousands dis in the US. This was because regulations tied the banks hands and prevented branch banking, whereby funds could be transferred at will to cover short-term market demands.
History is full of such examples. I make no claims that private enterprise is less prone to greed and mistakes than government, only that competitive markets provide accountability that simply does not exist in government. Even if bad CEOs get golden parachutes, they don't remain in power and they seldom get hired again. How many government bureaucrats lose their jobs over malfeasance, ineptitude, or corruption?
That's all I'm arguing. You and others may want to label me a soul destroying libertarian or conservative or republican, but that only shows how limited your imagination is and how blind you are to the world you are accustomed to. Corporate accountability may not be as much as you like, but government accountability is as rare as unicorn farts, and expecting them to regulate honestly is about as jokey as Springtime for Hitler.
