Back to the future: Obama asks agencies to end outdated regulation

Discussion in 'Wall St. News' started by schizo, Jul 11, 2011.

  1. schizo


    Obama asks agencies to end outdated regulation

    Notice towards the bottom of the article it reads:

    "Gayer said he likes the executive order, because the White House is asking regulators to review the cost-effectiveness of older rules. Generally, regulators review the cost of a rule before it goes into effect, trying to predict its impact."

    When have these regulators ever been mindful of being cost-effective, let alone effective in stopping any crap from happening? With all their resources, did SEC caught Enron, WorldCom or Madoff before they took down untold number of investors with them? Was OSHA able to prevent BP from trashing the Gulf of Mexico and subsequently destroying the livelihood of those who rely on fishing and travel industry? These regulators only know how to spend beyond their means. When it comes to taking proactive measures to prevent shit from happening in the first place (isn't that the sole purpose of their existence?), they're totally useless. Hence, if you give them free rein, they'll only cut corners. Even worse, they'll only curry favors from the lobbyists. Have you already forgotten OSHA?