Thursday, October 09, 2008

"Oversight" is the answer! Yeah right...

Everyone is talking about "oversight" being necessary in every aspect of financial markets, real estate, Wall Street, etc. I want to know who is going to provide oversight of our Government, politicians and Press. If there is anything we've learned from this situation it's that no one can be trusted in that role. No one!

It is tempting to lament that reality, and fantasize about the good old days, but I'm not sure that it has ever been the proper role of Government, bureaucrats, politicians or pseudo-governmental agencies to oversee the free market.

Tort law exists to allow those have been wronged in contractual business to remedy that wrong. The courts are one of the primary responsibilities of Government, along with the Legislative role to create the common sense protective legislation that make up tort law. My experience is that any Government has it's hands full with those responsibilities. Additional regulatory responsibilities only introduce more political manipulations, distortions, and corruption. Regardless who is in power. The problem is not necessarily political party, but the nature of humanity.

The illusion of effective Governmental oversight actually exacerbates the problem, because those who would be protected assume they are, become less attentive and diligent, and are victimized twice. Once by those originally exploitative and then again by those in the protective position unable to honestly, effectively prevent that exploitation.

I am not an anarchist. I am not recommending the abolition of law enforcement, either. I believe we have become, whiny, risk averse, gullible and irresponsible and want the nanny state to make everything positive, risk-proof, safe and profitable. It isn't going to happen. Not on this Earth.

Some of the best organizations to provide consumer guidance, information and protection are organizations like the BBB, Underwriters Laboratory and Consumer Union. They are not perfect either, but do a much better job of providing accurate, non-political and fair information. They happen to be private organizations. No coincidence in my opinion.

Let's grow up, pay attention, take care of ourselves and tell the bureaucrats, politicians and media to take a hike. They are ALL to blame for our current economic and political crisis. Of course, no more than we are by allowing it to happen.


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