3 ms·

So, why should we care? Unprofitable ships are scuttled intentionally. Insurance companies then have to pay off the loss and the seas have to eat the pollution

So, why should we care? Unprofitable ships are scuttled intentionally. Insurance companies then have to pay off the loss and the seas have to eat the pollution. I'm not sure how those very real externalities fit in with your free market trivialization.

samstave 10y ago
Any links to that statement that I can read?
- CalChris 10y ago
  The Vanity Fair article on Nick Sloane covers his career as a salvage master and touches on scuttling: https://www.vanityfair.com/news/2014/12/nick-sloane-costa-concordia-salvage/ https://www.vanityfair.com/news/2014/12/nick-sloane-costa-co... Another scuttling but for a different reason: http://www.slate.com/articles/health_and_science/science/2015/04/pirate_chilean_sea_bass_fishing_vessel_sea_shepherd_pursues_the_thunder.html http://www.slate.com/articles/health_and_science/science/201...
joe_the_user 10y ago
I think the GP is making an appeal to how regulation should work. Ideally, regulation should make it so bank stock holders eat the losses for poorly thought-out loans and should prevent all the various sleazy ways international shippers escape responsibility for their decisions. What happens, though, is because regulators can't do that, they wind-up paying shippers and other polluters to change the bad decisions they already profited from (providing extra credit to upgrade ships, for example). It is a shame but what can you do?
- kogepathic 10y ago
  > Ideally, regulation should make it so bank stock holders eat the losses for poorly thought-out loans and should prevent all the various sleazy ways international shippers escape responsibility for their decisions Exactly. I'm fine for ports to ban polluting ships and for the companies who own these ships to go out of business. It will be better for the environment to have these ships out of service. However it sounds like the major issue to overcome is the banking industry's unwillingness to lend more money to the shipping industry (e.g. throwing good money after bad) Ideally this wouldn't be a problem as banks would admit the loans were a poor investment and write them down

samstave 10y ago

Any links to that statement that I can read?

CalChris 10y ago
The Vanity Fair article on Nick Sloane covers his career as a salvage master and touches on scuttling: https://www.vanityfair.com/news/2014/12/nick-sloane-costa-concordia-salvage/ https://www.vanityfair.com/news/2014/12/nick-sloane-costa-co... Another scuttling but for a different reason: http://www.slate.com/articles/health_and_science/science/2015/04/pirate_chilean_sea_bass_fishing_vessel_sea_shepherd_pursues_the_thunder.html http://www.slate.com/articles/health_and_science/science/201...

joe_the_user 10y ago

I think the GP is making an appeal to how regulation should work. Ideally, regulation should make it so bank stock holders eat the losses for poorly thought-out loans and should prevent all the various sleazy ways international shippers escape responsibility for their decisions. What happens, though, is because regulators can't do that, they wind-up paying shippers and other polluters to change the bad decisions they already profited from (providing extra credit to upgrade ships, for example). It is a shame but what can you do?

kogepathic 10y ago
> Ideally, regulation should make it so bank stock holders eat the losses for poorly thought-out loans and should prevent all the various sleazy ways international shippers escape responsibility for their decisions Exactly. I'm fine for ports to ban polluting ships and for the companies who own these ships to go out of business. It will be better for the environment to have these ships out of service. However it sounds like the major issue to overcome is the banking industry's unwillingness to lend more money to the shipping industry (e.g. throwing good money after bad) Ideally this wouldn't be a problem as banks would admit the loans were a poor investment and write them down