A Contract with Black America

[bacchys]

You fail to consider that there is an even greater regulatory and bureaucratic burden on healthcare technology than there is on direct healthcare providers. Which contributes a multiplier to the cost of said technology (as opposed to an adder). And it provides no real value. Drugs and technology are made no safer by incompetent federal oversight.

And it wasn't just regulation... There is a morass of superfluous functionaries... useless eaters.. some in government... some in the insurance industry that need to be negotiated in order to even receive care... and each of them has their palm out to take their cut.

And the cure being proposed most often by leftists?

More government involvement of course.

You're failing to consider the costs of not having those things regulated. Contra the inane fantasies of uber-libertarians and some others on the right, regulation of the health care industry didn't start because of some desire to impose communism. It's because people were being killed and maimed by quacks and snake oil.

We should always look for ways to streamline and improve regulation, but if you think it's unnecessary start by advocating the end of all traffic regulations.

[FloridaBasedFan]

Your point seems to be that companies need the FDA to protect them from the FDA

And that your son (being a regulatory affairs specialist) favors more regulation

Not at all. The point is that the regulations on these devices are in place to ensure safety and efficacy. The lack of regulators makes it difficult for the FDA to keep up with companies who are willing to avoid proving their devices work as claimed. Why do companies feel the need to do this? Simple, if their device isnt competitive they will have unhappy shareholders.

My son is of the ilk that while he doesnt like regulations, he understands the need for them due to the markets willingness to put out substandard products in search of profits.

Bottom line...industry brought this regulatory burden on themselves.

[owknows]

You're failing to consider the costs of not having those things regulated. Contra the inane fantasies of uber-libertarians and some others on the right, regulation of the health care industry didn't start because of some desire to impose communism. It's because people were being killed and maimed by quacks and snake oil.

And yet... for all of the regulation.. products still make it to the market that have to be removed from the market later. Because they were unsafe in spite of the regulators telling us they were safe. (and multiplying the cost by 4x for the privilege)

We should always look for ways to streamline and improve regulation, but if you think it's unnecessary start by advocating the end of all traffic regulations.

The most effective regulatory body in the country is actually a private one. And participation in it is voluntary. And yet nearly 100% of the companies that sell product under it's domain use it. It's called Underwriter's Laboratories (UL). Ever heard of it? They test, certify, and label every consumer electronic product in the country. Publish standards by which they will evaluate products. And are stellar in reputation and service.

And they have no affiliation with government at all. Just their reputation, and the insurance indemnification that comes with their certification. And people actually PAY them for the privilege of telling them what's wrong with their product. The free market is amazing.

Government? Not so amazing. Mostly people who get paid to do nothing.

[bacchys]

Underwriter's Laboratories isn't perfect, either. No human system is.

But go ahead and eliminate all traffic regulations and let's see how that works out.

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[bacchys]

Also: the ratings agencies for investments worked the same as UL. How well did that work out in '08?

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[FloridaBasedFan]

Also: the ratings agencies for investments worked the same as UL. How well did that work out in '08?

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Was about to make the same comment when yours came up.

[owknows]

Also: the ratings agencies for investments worked the same as UL. How well did that work out in '08?

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All operating under the watchful eye of the Securities and Exchange Commission. LOL

[owknows]

Bottom line...industry brought this regulatory burden on themselves.

Yes of course.. and thank goodness for the steadfast sentinel that is government.

Otherwise you might have the children of elected Vice Presidents selling access to their parents for millions, And have those VP's act on behalf of that access, while government agencies that knew about it looked the other way.''

[FloridaBasedFan]

All operating under the watchful eye of the Securities and Exchange Commission. LOL

Nice pivot but doesnt belay the fact that the free market independent agency screwed the pooch and even misled the SEC.

Like I said, that major reason for the quantity of regulations is the questionable behavior of companies. Many, many regulations are the direct result of poor business behaviors with government being forced to expand regulations because businesses spend incredible amounts lobbying and lawyering to evade regulations.

In the example i gave you involving my son one would think you shouldnt need a regulation telling business if you build a medical device it has to work before you can sell it.

[owknows]

Nice pivot but doesnt belay the fact that the free market independent agency screwed the pooch and even misled the SEC.

Like I said, that major reason for the quantity of regulations is the questionable behavior of companies. Many, many regulations are the direct result of poor business behaviors with government being forced to expand regulations because businesses spend incredible amounts lobbying and lawyering to evade regulations.

In the example i gave you involving my son one would think you shouldnt need a regulation telling business if you build a medical device it has to work before you can sell it.

Pivot?

The SEC oversees ALL of this.

It was all already under the watchful eye of the federal regulators you told me would keep this kind of thing from happening.

[FloridaBasedFan]

It was all already under the watchful eye of the federal regulators you told me would keep this kind of thing from happening.

Ratings agencies were not exactly forthcoming with information. Why, because there were no laws or regulations in specific areas that made them.

Since Friedmans theory on business stated that the only purpose of business was to turn a profit the need for regulation exploded. The two primary rules of business is:

1. I'm not spending one more dollar on a product than I am required to.
2. Is it cheaper to ignore the law/regulation and possibly be fined or address the requirements.

One of the reasons the FDA was formed was because the Food and Drug Act didnt cover devices.

Example: Early device makers claimed that as a device they were not regulated and the first amendment allowed them to make any claim they wished.

Example: When you as a consumer get a medicine from a pharmacy in capsule form did you know that the actual capsule holding the medication is covered by an entire chapter of regulations. The reason is that when the first capsule meds were prescribed the materials used were causing internal bleeding due to breaking down improperly. When called to task pharma companies responded by arguing that the capsules themselves were not drugs therefore they were not subject to regulation.

Now expand that attitude to all industries. Runoff from pesticide producers, chemical releases in the air from smoke stacks, design requirements for automobiles.

Poor business behavior is the reason for the need of the preponderance of regulations. They really have no one to blame but themselves.

[owknows]

Ratings agencies were not exactly forthcoming with information.

And yet they were under the watchful eye of the SEC.

A federal regulatory body.

Your argument seems to be that we need federal regulation because federal regulation failed us.