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> These regulations put us on the path of trusting religious-like in government. We don't need to have religious-like faith in government because we can vote f

> These regulations put us on the path of trusting religious-like in government. We don't need to have religious-like faith in government because we can vote for people who will do what we want them to and we can vote out the people who refuse to do their job. It doesn't happen without the people getting involved and holding their government accountable though. You don't have to pray when you can vote. Without regulation you could only ever have religious-like faith in private corporations because they have zero incentive to act benevolently and you have zero power to replace a CEO who is acting against the interests of the public. You have no vote, so prayer is all you have left.

landemva 3y ago
How well did that work for bank oversight in 2008, and again in 2023 with SVB? The accountability of "my one vote will remove government's failed regulators" fails on the scale of $billions.
- autoexec 3y ago
  Your examples are situations were deregulation/lack of regulation caused problems. Without regulations, prayer didn't work out so well. We all know IoT security is a problem, but after decades of that problem existing prayer hasn't worked there either. No one person's vote can fix government but collectively we have the option to enact change. I'll take having the ability to make changes over being powerless to make changes every time.
- rjbwork 3y ago
  >How well did that work for bank oversight in 2008, and again in 2023 with SVB Hilarious own goal on this one.
- klausa 3y ago
  Is there an argument that the government failed in oversight with SVB? I think this is a textbook slam-dunk by the government? They stepped in when the situation was _bad_, but not _catastrophic_ yet (mmmmaybe arguable), took over, and no depositors got hurt. Is there an argument that this could've gone better, apart from "no banks ever fail"?
  - landemva 3y ago
    Fed had to set up a swap/lend facility that weekend. Sort of like they make it up as they go. The specific regulator is going to retire. "Abbasi and Mary Daly, president of the San Francisco Fed, came under scrutiny after a post-mortem report undertaken by the Federal Reserve found problems with how SVB was supervised." https://www.msn.com/en-us/money/markets/key-san-francisco-fed-official-who-oversaw-supervision-of-svb-will-retire/ar-AA1fWSEW https://www.msn.com/en-us/money/markets/key-san-francisco-fe... And through regulatory capture the CEO of SVB was on the board of directors of the regulator! https://www.reuters.com/markets/us/ceo-failed-silicon-valley-bank-no-longer-director-sf-fed-2023-03-10/ https://www.reuters.com/markets/us/ceo-failed-silicon-valley...
fallingknife 3y ago
Maybe I could have some faith if regulatory bureaucrats were fired when there are major regulatory failures e.g. 737 max. Maybe I could have some faith if police state agency employees were jailed for FISA abuse. Voting isn't enough because even elected officials aren't allowed to fire these people.
- landemva 3y ago
  Specifically, FAA allowed Boeing to use software to cover up design flaw (crammed bigger engines under wings which causes pitch up problem) so it would appear to drive like older 737s. Apparently only a test pilot has been charged for falsifying some paperwork. 737MAX should be required to get a new type certification due to the significant changes. Another example of regulatory capture leading to inadequate oversight is FDA, which has revolving door with drug companies. https://www.mdlinx.com/article/10-dangerous-drugs-recalled-by-the-fda/lfc-4008 https://www.mdlinx.com/article/10-dangerous-drugs-recalled-b...
- avidiax 3y ago
  > Maybe I could have some faith if regulatory bureaucrats were fired when there are major regulatory failures e.g. 737 max. If I were Boeing, I would hire the fired bureaucrat with a lavish comp package and make sure he's at every meeting, conference, get-together, etc. looking well-tanned and happy. That makes negotiating with the fired guy's replacement much much easier.

landemva 3y ago

How well did that work for bank oversight in 2008, and again in 2023 with SVB? The accountability of "my one vote will remove government's failed regulators" fails on the scale of $billions.

autoexec 3y ago
Your examples are situations were deregulation/lack of regulation caused problems. Without regulations, prayer didn't work out so well. We all know IoT security is a problem, but after decades of that problem existing prayer hasn't worked there either. No one person's vote can fix government but collectively we have the option to enact change. I'll take having the ability to make changes over being powerless to make changes every time.
rjbwork 3y ago
>How well did that work for bank oversight in 2008, and again in 2023 with SVB Hilarious own goal on this one.
klausa 3y ago
Is there an argument that the government failed in oversight with SVB? I think this is a textbook slam-dunk by the government? They stepped in when the situation was _bad_, but not _catastrophic_ yet (mmmmaybe arguable), took over, and no depositors got hurt. Is there an argument that this could've gone better, apart from "no banks ever fail"?
- landemva 3y ago
  Fed had to set up a swap/lend facility that weekend. Sort of like they make it up as they go. The specific regulator is going to retire. "Abbasi and Mary Daly, president of the San Francisco Fed, came under scrutiny after a post-mortem report undertaken by the Federal Reserve found problems with how SVB was supervised." https://www.msn.com/en-us/money/markets/key-san-francisco-fed-official-who-oversaw-supervision-of-svb-will-retire/ar-AA1fWSEW https://www.msn.com/en-us/money/markets/key-san-francisco-fe... And through regulatory capture the CEO of SVB was on the board of directors of the regulator! https://www.reuters.com/markets/us/ceo-failed-silicon-valley-bank-no-longer-director-sf-fed-2023-03-10/ https://www.reuters.com/markets/us/ceo-failed-silicon-valley...

fallingknife 3y ago

Maybe I could have some faith if regulatory bureaucrats were fired when there are major regulatory failures e.g. 737 max. Maybe I could have some faith if police state agency employees were jailed for FISA abuse. Voting isn't enough because even elected officials aren't allowed to fire these people.

landemva 3y ago
Specifically, FAA allowed Boeing to use software to cover up design flaw (crammed bigger engines under wings which causes pitch up problem) so it would appear to drive like older 737s. Apparently only a test pilot has been charged for falsifying some paperwork. 737MAX should be required to get a new type certification due to the significant changes. Another example of regulatory capture leading to inadequate oversight is FDA, which has revolving door with drug companies. https://www.mdlinx.com/article/10-dangerous-drugs-recalled-by-the-fda/lfc-4008 https://www.mdlinx.com/article/10-dangerous-drugs-recalled-b...
avidiax 3y ago
> Maybe I could have some faith if regulatory bureaucrats were fired when there are major regulatory failures e.g. 737 max. If I were Boeing, I would hire the fired bureaucrat with a lavish comp package and make sure he's at every meeting, conference, get-together, etc. looking well-tanned and happy. That makes negotiating with the fired guy's replacement much much easier.