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Friday, 11 June 2010 00:00 |
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Hi, this is conservative candor and I'm Dr. Carl Mumpower...
The failure of government bureaucrats to regulate the finance industry was recently duplicated by their energy counterparts. Earlier, another Fed regulatory agency, the Corp of Engineers, helped Katrina and a shoddy dike system flood New Orleans. Then there was our security agencies failure to heed ample early warnings of 9-11. These breakdowns didn't come from resource limitations - they were due to built in thinking and doing limitations. After the fact we've learned finance regulators missed clues but got free lunches. Though energy regulators knew there were 3,800 gulf wells, they had no policy for damage control in the face of even one malfunction. Though our engineer regulators knew that the dikes were risky well before Katrina, they avoided controversy and plodded toward solutions. 911, we're told, resulted from a failure to act on existing info. This decade has produced ample evidence that government regulators fail at everything but self-protection. While we find comfort in the imagined safety of bureaucracy, the next disaster is lining up to give us more lessons in reality...
I'm Dr. Carl Mumpower and you just spent a minute with a candid conservative...
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