There is no need for federal regulatory agencies like the SEC, USDA, FTC etc.... because if a company produces products or services that are bad or even harmful to the population, "The Magical Market" will make it disappear.
That one's not just wrong, it's stupid.
It's not wrong.
If products are harmful, you can sue the manufacturer. No USDA, FDA or any other government agency needed. Corporations are more concerned about getting sued than getting fined by some federal bureaucracy. Look what happened to Jack in the Box when one some customers got sick eating in one of its restaurants: it nearly went out of business. Look what happened to Toyota when some mainstream media outlets maliciously accused it of selling defective automobiles. It lost billions in market share.
What happens when government does something bad, like the Gun Walker scandal?
So far, zip.
Um yeah. You're full of shet. First off, nice try on changing the subject. I dont hold the theory that the government does nothing wrong so that's a strawman. However you hold the theory that "The Market" and it's army of unicorns will make all well and good.
So let's see. The average citizen, without help from fed agencies, has what percentage chance of prevailing over a major corporation in a plaintiff's tort lawsuit? Oooh! I know! 1%. What are the odds that citizens will even
know something harmful is going on without federal regulations?
Ever heard of Ford?
GM?
Eli Lilly?
Kaiser Permanente?
Blue Cross?
Which of the above companies have been found guilty on SEVERAL occasions of negligence and even wrongful death? All of them? Yup. Which have gone out of business because of those practices? Hmmmm. None you say? But the Magical Market would fix that! Hmmm. And WHY do auto companies pay extra to protect gas engines after the Pinto? Hmmm.
How about Sarbanes-Oxley? You don't think we should have that in place after Enron?
The SEC? Because you know, people like Bernie Madoff would certainly never do anything wrong!
NRC? Hmmmm. Three Mile Island? Yankee Power Plant? Yeah, they would have spent millions without government coercion. Of course they would!
USDA? Nevermind. There's no such thing as e. coli. So it's no big deal that thousands of pounds of meat, veggies, eggs etc... have been stopped solely by the EPA before they got to market. And of course, the companies would never have allowed them to get to market and be sold - oh wait... Kroger. Danm facts!
The "Magical Market" doesnt' make companies that harm people go away. And without help from the federal government, a significant number of plaintiff's tort litigation would never see the light of day.
BTW, what is your opinion on class action lawsuits and tort reform? Lemme guess. You think both should be reigned in. Am I right? Because if I am, that would be well...
Do you even know what an actuary is?