Re:Citi to Refund $330M to Credit Card Customers It Overcharged
by cryptonector on Friday February 23, 2018 @05:49PM
(#16450309)
You continue to assume that the regulators only ever write good regulations (good for the time when they produce them).
Day 1: you create a regulation to stop some company from forcing employees to put their hands in a running wood chipper. Hurray, one predatory person has been stopped.
Day 2: A predator by hook and crook lobbies for a regulation to give them a competitive advantage.
Day 50: We've got 50 sincerely conceived regulations and 50 predatory regulations. Regulatory work has accelerated as the state has gotten better at it. Quite a few of the sincerely created regulations are meant to mitigate problems caused by the predatory ones! A call is sounded for deregulation.
Day 51: 35 regulations are thrown out based on lobbyist pressure and "grass root" campaigns.
Day 52: A company sends out a memo: "Due to the extra maintenance costs of hard stopping our wood chipper, we ask you now always leave it running. If it stalls on something the policy remains unchanged otherwise: pull it out."
It's an eternal arms race and I think the predators win almost always. We can't recognize or disarm them as faster than they can use our own methods and tools against us. As far as I can tell, oppose consolidation of power and work to never surrender leverage over yourself.