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By Corinthian Scales, Section News
H/t Market Ticker
OABTW, if you're too lazy to go over to that link, shame on YOU.
Here we go again.
Democrat Representatives Lisa Brown and Jim Ananich have each sponsored (with 27 Democratic co-sponsors) a portion and re-introduced the Michigan Trial Lawyer Enhancement Act (House Bills 4440 and 4650).
Every legislative cycle about this time Michigan Democrats attempt to take advantage of a largely hibernating voting public, sponsoring and passing legislation designed to pay off debts to big-time campaign donors and special interest friends.
It's the oldest trick in the book. You campaign as a populist, you tell the people its all about them and then as soon as they aren't looking you start funneling as many perks, favors and giant paydays as possible to your cronies, no matter how many Michigan jobs it'll kill.
We've talked about this issue before. We sounded the alert when the Dems tried to do their trial lawyer pals a solid in 2007. We sounded it again when they took another stab later that year. They tried it again in 2008 and we were there again in 2009. ( I Should note on this last, a technical ahem .. 'complication' truncated some great discussion ... sigh.)
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(Promoted by Nick...)
Many people, mostly through ignorance, believe that government regulation and oversight of virtually every aspect of our lives is required so that shysters don't take our money in ponzi schemes or we aren't subject to the availability of harmful substances.
After all, the government knows best, right? That's the flawed premise that proponents of government regulation operate on; we aren't smart enough to keep ourselves secure. It's that flawed belief that also leads to a greater threat to our own well being.
Take the Bernie Madoff scandal for example.
John Stossel brings up the point that Madoff didn't swindle your average Joe, but rather well educated investors (http://tinyurl.com/bst7l4). The are certainly not dumb people.
They got lazy though and didn't want to verify the legitimacy of their investments. Why? Probably because the Securities and Exchange Commission had tacitly given its blessing to Madoff by not being in the process of investigating him.
Read Stossel's column in it's entirety and you'll find out that someone outside of the government actually realized that Madoff was making offers that were too good to be true. The SEC didn't care about his alerts though.
Governmental regulation and oversight does nothing but provide a false sense of security for those not wiling to practice diligence. In cases where regulation is used in an attempt to thwart fraud, there will always be people that can, and will, get passed it.
The ironic thing is that the government even acknowledges this in a piece of pending legislation that would give the FDA authority to regulate tobacco products. According to the bill, it would be illegal for statements to be made, either through the media or labeling, that the tobacco products are regulated by the FDA (http://tinyurl.com/cn3m5w).
There would be no reason at all for the bill to contain this wording, other than that the bill's author realizes that knowledge of product regulation will lead some people to believe that tobacco products are safe.
So if such holds true for tobacco products, where almost everyone realizes the danger it poses, why would it not hold true for things that a great majority of people wouldn't understand? It's pretty clear that government regulation leads to a self-fulfilling prophecy of harm.
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