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Points well taken
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Posted by Reality (more from Reality) on Tue, 23 Nov 2010 08:43:02 Share Post by Email
In Reply to: Re: Yes it is Tim..., James, Tue, 23 Nov 2010 08:06:32
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I do agree that sometimes I tend to write/talk in too abstract terms that have too steep of a ramping curve for readers not familiar with the premises. I have to work more on the premises before presenting the derivations and conclusions.

BTW, on the point of banking regulations, it took me a long time to figure this out: the removal of Glass-Steagal was actually an expansion of government enforced special privilege not a reduction thereof. Banks became a special privilege class after the Federal Reserve Act and establishment of FDIC: they became exempt from normal contract laws, instead of having to pay up or go to jail/seek bankruptcy protection, Bankers would reap profit for themselves and transfer losses to the rest of the population via the central bank and deposit insurance, on the force of the fiat money legal tender law. That's a tremendous distortion of the economy. Glass-Steagal attempt to limit that distortion to deposit banks only, leaving investment banks to stand on their own in the relatively freer market place (still distorted by FED but not FDIC). The removal of Glass-Steagal actually expanded government intervention in the financial industry by permeating the distortion to the entire industry.

Environment laws are increasingly becoming immunity shields for big corporations while placing more and more cumbersome laws and regulations on the little guys. Since small businesses are net job creators while bigger businesses are net job destroyers (in their search of efficiency in a more consolidated and mature market segment), any wonder why we are having a job crisis, given the laws' tilt against the little firms in favor of the big firms? I'm not at all convinced that bureaucratic environment law enforcement is a better alternative to ad hoc litigation. IMHO, the balance between the value of environment protection vs. job/profit creation change dramatically over time, due to changing living standards and changing technology/knowledge. Apriori lawmaking with fines paid to the government doesn't work well as post-facto fact-finding and compensation paid to victims via jury trials.



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