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View Full Version : Bureaucrat Regulators



Franco
05-19-2010, 03:25 PM
I think we have learned by now that we can't trust the Federal Government to protect what needs protecting.

Immigration, Wall Street, Health Care, Offshore Drilling etc.

That's because we are dealing with worthless bureaucrats and politicians.

What if we placed the regulatory oversight with insurance companies?

Take the oil leak in the gulf. If BP was reguired to have a 3billion insurance policy with a 1 billion deductable, you know how the insurance people would be all over BP to make sure all the subcontractor's equipment is maintained and all saftey devices are working.

Insurance companies are notorious for not wanting to settle claims. They would be all over the drilling companies, Wall St, you name it! Big difference between a bureaucrat and a private buisness that will do whatever they can to make sure they don't have to pay.

Buzz
05-19-2010, 03:37 PM
Read the book "The Big Short" and see how utterly stupid insurance companies like AIG were, selling Credit Default Swaps on CDO's - the worst of the worst asset back securities, for ridiculously cheap prices.


Interesting idea though. Wonder what a policy would cost for something like this if it was correctly priced. Something tells me it would have been cheaper before this disaster.

gman0046
05-19-2010, 05:02 PM
Too late. The damage to beaches, wildlife, fisheries and coastal areas is already done.

Hew
05-19-2010, 05:12 PM
Interesting idea though.
What, the free market?