Hobbit@Law

Looking carefully at that which is unseen.

Thinking about: Self-policing

I think that if I see one more stupid remark like this:

“I placed too much confidence in the ability of the private market participants to police themselves,” he testified. Donald Kohn, statist

I will track down the speaker and vomit all over his shiny black wingtip shoes.

Folks, let’s get this straight – people are not going to “police” themselves if there are no adverse consequences to their behavior. The coyote never dies as a result of chasing the roadrunner, he only suffers a brief and painful inconvenience, and so what does he have to lose in regard to his endless quest? Likewise, what does a Too Big To Fail bank have to lose when the dotgov is standing ready to bail it out with taxpayer money? If there were a risk of actual consequences, loss of wealth for bad business decisions and serious jail time for criminal fraud, then the banksters would have been far more careful in what they were doing. Or suffered the consequences.

Rather than whining about the private sector, Mr. Kohn needs to open up a dictionary and read up on “moral hazard.” But until he recognizes that he’s part of the problem, rather than the solution, it might be better for America if he spent his free time chasing roadrunners.

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One response to “Thinking about: Self-policing

  1. MamaLiberty July 9, 2011 at 12:36 pm

    You are much too kind. I’d do a whole lot more than barf on his shoes… just saying.

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