SK: The problem isn’t the existing regulations. Its the (selective) enforcement of those regulations, and that selective enforcement is continuing under the Obama Administration as well.
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I think it’s both. Sometimes. I’m not qualified to opine on whether better regulations or better enforcement of existing regulations might have helped.
But in the broader picture, I think the problem is two-fold. Regulations are almost invariably written by lobbyists. (and this applies to not just oil exploration, but financial regulation, health care regulations, EPA stuff, etc.) Congress and congressional staff are rarely qualified to write industry specific regs. So they receive (and I suspect, often seek) recommendations from both industry and anti-industry partisans. I don’t see this as a huge obstacle to good regulations. Elected officials can’t be expected to be chemists, or physicians, or financial experts. But what I do expect them to do, is to hold the interest of the electorate as whole as the primary beneficiary of all legislation. Not corporate interests. Not industry. So their job is to know enough (and acquire sufficient knowledge) to be able to evaluate recommendations, within those parameters, and decide which recommendation best fits with those goals.
Government incompetence is not acceptable. We know that there are some things, many gigantic things, that government can do well. I know anectodal evidence might lead to other conclusions but the postal service and medicare are two prime examples of huge government run services that work well, and at very least, competitively cost-wise as compared with the private sector.
Conservatives often attack liberals for wanting the government to do everything. Liberals attack conservatives for wanting less government. I don’t think either are accurate accusations. (except for some conservative politicians who do, indeed, claim and brag about wanting less government. See Haley Barbour and his bathtub.) Liberals want good, efficient, competent government. I think most conservatives agree. The difference is that liberals are more likely to think it’s possible and conservatives are more likely to believe it impossible.
I believe it is possible. I think it’s a leadership issue. We had an absolute failure in leadership and competence in almost all facets of government during the Bush years. There may have been some improvement under the current administration, but certainly not enough. Obama apologists (which I am certainly not) will argue that big boats take a long time to turn. Some truth there, but I haven’t seen sufficient evidence of increased competence.
What was the question? Oh. Proposed financial regs good. Could be better. As always, too much industry influence. I’d like to see fewer loopholes in derivitive contract regulations. Power/Energy, i got nothing. Other than legalizing marijuana in california could be a HUMUNGOUS boon to alternative energy research and development. Toke on, go green. All in one.
