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wait, so suppose regulation costs financial firms too much, you'd rather have no recourse to getting reimbursed as an individual?
by jhwang5 9y ago
wait, so suppose regulation costs financial firms too much, you'd rather have no recourse to getting reimbursed as an individual?
- jack_h 9y agoI'm guessing the argument is that if the cost that the customer bears for such regulated audits is greater than the refund they get from it then the customer actually lost money.
- chillwaves 9y agoThat sounds kind of like me complaining about the cost of my car insurance because for 10 years I didn't have any accidents. Seems difficult to know the benefit of such regulation without hindsight. Secondly, businesses face market pressures to provide low cost to customers (isn't that the whole argument for the free market?) therefore passing the cost to the customer should be weighed against other potential inefficiencies -- they might even have to take a smaller cut of profit! Funny how so many people can never justify the cost of doing business when it comes to protecting consumers.
- conanbatt 9y agoWhats your recourse to getting reimbursed for a regulation that is too expensive?
- toomuchtodo 9y agoSuperior to getting reimbursed when there is no regulation whatsoever. See: Equifax data breach costs shouldered by the American public who have no resource provided by regulation
- conanbatt 9y agoSuperior? Which recognized bad regulations did you get your money back from?
- toomuchtodo 9y agoThat's the point. Regulation > No regulation. We're just arguing the amount of said regulation.
- conanbatt 9y agoI don't think you are reading my comments. You say that without regulation you wouldn't have a recourse to get your money back on bad behavior from private companies, but if a regulation harms you economically, you will never get your money back anyway. Regulation does not give you a recourse to get your money back. In fact, even worse. The state can never make amends on its mistakes.
- toomuchtodo 9y agoLet me twist an analogy. I don't care if law enforcement is more expensive than just absorbing the cost of crimes. I want the rule of law enforced, even if it's more expensive.
- conanbatt 9y agoThats fine. You go your way and let other people go their way and everyone gets what they want.
- s73v3r_ 9y agoThat's not at all true and you know it.
- conanbatt 9y agoI can only answer what is said to me. He said he cared more about the law than the economic results, and I provide a solution for his desires and for the people that don't share them. I, maybe like you, suspect that he wants others to follow the laws he wants, which is an entirely different proposition.