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Forum Post: Oooops, Regulation Works

Posted 4 months ago on Dec. 23, 2013, 2:09 p.m. EST by shooz (26675)
This content is user submitted and not an official statement

Along with so many other things the libe(R)topians don't want you to know.

"In the November 7th New York Times business columnist Floyd Norris writes about the conclusions of a study of a 2009 federal law intended to force down the hidden fees credit card companies impose on their customers:

When Neale Mahoney, an economist at the University of Chicago’s Booth School of Business, set out to evaluate the effect of that law, he was confident he knew what he and his colleagues would find: It didn’t work.

“I went into the project with this sort of conventional wisdom that well-intentioned regulators would force down fees and that other fees and charges would increase in response,” he told me this week, comparing hapless rule makers to the carnival visitors playing the game known as Whac-a-Mole, where a mole springs up somewhere else as soon as one is knocked down."

32 Comments

32 Comments


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[-] 4 points by GirlFriday (21783) 3 months ago

Once Mahoney persuades himself that government rules benefit society he might take the next step in his journey toward apostasy for a University of Chicago economist and go beyond regulation to explore government ownership. And here too he will encounter empirical evidence that upends his worldview that business outcompetes government. He will find, for example, that using government employees usually is more cost effective than contracting out to private firms. Government health insurance outcompetes private insurance companies. Government-owned water utilities have lower rates. Government owned prisons have lower costs and better safety. - See more at: http://onthecommons.org/magazine/stop-presses#sthash.GmBdnTEr.WA7Y68ez.dpuf

I'm not holding my breath.

[-] 2 points by shooz (26675) 3 months ago

You'll surely turn blue, if you do.....:)

There are many things a government can do as a commons that work better than ANY private concern.

After all, they can easily reduce the system drag of profit to almost nill.

[-] 1 points by GirlFriday (21783) 3 months ago

Well, cause then he would have to face what has already been proven.

[-] 1 points by shooz (26675) 3 months ago

There are many here on this site, who have long refused to admit that.

They are more likely to change the subject, or drag up threads from a year or two ago, than to provide any commentary on that simple truth.

[-] 2 points by GirlFriday (21783) 3 months ago

They aren't here for anything remotely close to truth.

[-] 1 points by shooz (26675) 3 months ago

Welcome to libe(R)topia.

[-] 1 points by GirlFriday (21783) 3 months ago

I know, right?

It doesn't seem to coincide with the decentralization meme. Speaking of that decentralization meme, I think that either tonight or tomorrow that I will post on the libertopian darlings.

[-] 2 points by shooz (26675) 3 months ago

This thread goes against the CATO meme, so please do post that.

[Removed]

[-] 4 points by ZenDog (20419) from South Burlington, VT 4 months ago

well see - these regulators engaged in discrimination. They discriminate against the moles. That's why there are no Moles to Whac. I'm virtually certain that now the problem has been identified it will be corrected in short order.

Fukers.

[-] 2 points by shooz (26675) 3 months ago

LOL

"But his expectation was wrong. The study came to a conclusion that surprised Mr. Mahoney and his colleagues: The regulation worked. It cut down the costs of credit cards, particularly for borrowers with poor credit And, the researchers concluded, “we find no evidence of an increase in interest charges or a reduction to access to credit.”

The study…estimates that the law is saving American consumers $20.8 billion a year."

Libe(R)topians don't want anything to do with that, unless of course, they can part the consumers from that money.

[-] 4 points by ZenDog (20419) from South Burlington, VT 3 months ago

I don't know, but I do tend to expect, that every dollar invested in the stock market or paid to the banks in the form of interest payments is essentially money that is lost to the general economy. It no longer purchases real items, what we refer to as goods and services.

Of course repelicans will insist the money supports the jobs on Wall Street and elsewhere, but I demand that if that is so then show me - especially in light of the billions that just somehow went poof in the wake of the sub-prime mess and associated default swaps.

To charge the poorest people the highest interest rate and justify that behavior on the basis that they represent the highest risk is insane, counter productive, and even extremely risky behavior that should never be allowed. It amounts to a kind of economic insurance that the poor absolutely remain impoverished, and that is wrong.

Advocates of such policy must be shot on sight.

[-] 3 points by shooz (26675) 3 months ago

They have a decided tendency to be for, that which most of the country is against.

They use marketing and double speak, where they need to pretend otherwise.

Here in Michigan for instance.

Every poll has said the people want the money out, Snyder uses double speak to pretend he didn't do the opposite.

http://www.eclectablog.com/2013/12/rick-snyders-said-it-did-it-mantra-unravels-as-he-signs-expansion-of-dark-money-in-michigan-elections-into-law.html

Duopoly my ass.

[-] 3 points by ZenDog (20419) from South Burlington, VT 3 months ago

the liars are gonna lie, that is what they do. IF and When the public makes a deliberate choice to refuse to tolerate the lies, then perhaps the liars will lie more quietly. Perhaps. That depends entirely on the degree of intolerance the public chooses to display toward the Liars.

Personally, I prefer a most extreme form of intolerance. I'm sure the efficacy and expedience of methods designed to bring an end to such lies depend entirely upon the degree of intolerance displayed.

That certainty aside, I'm also quite rabid.

[-] 3 points by shooz (26675) 3 months ago

Many have become so inured to FLAKESnews style reporting, they can no longer discern truth.

They don't blink an eye at statements like this, anymore.

Gov. Rick Snyder said today he has signed a controversial bill doubling campaign donor limits and protecting the secrecy of “issue ad” donors.

"Although it includes a provision designed to thwart an effort by Secretary of State Ruth Johnson to reveal who pays for issue ads that have becoming increasingly influential in Michigan political campaigns, Snyder said in a news release the legislation will “bring an unprecedented level of transparency and openness to the state’s political system.”"

[-] 2 points by ZenDog (20419) from South Burlington, VT 3 months ago

the legislation will “bring an unprecedented level of transparency and openness to the state’s political system.”"

oh but of course it will. Never in the history of Michigan - or quite possibly any other state in the Union - has campaign finance transparency been driven to such an impossible low - thanks entirely to repelican legislative intransigence and subterfuge.

Those responsible must be punished.

[-] 2 points by shooz (26675) 3 months ago

Make Snyder an Amway distributor?

His friend DeVos, would keep him set up.

I think Fuller Brush salesman would be more fitting. He can sell exclusively, door to door in Detroit, Flint and Jackson.

[-] 2 points by ZenDog (20419) from South Burlington, VT 3 months ago

Not exactly what I had in mind . . .

[-] 3 points by shooz (26675) 3 months ago

I knew that........LOL

You were thinking Kirby salesman..................................:)

[-] 4 points by ZenDog (20419) from South Burlington, VT 3 months ago

Actually I'm quite serious. And as an academic discussion such talk is apparently quite legal, and all of that aside, I am convinced.

They will not be curbed

Unless they ARE curbed

And I see no one erecting any meaningful curbs to date. On the contrary, what I have seen so far indicates resistance to such efforts to curb as may be considered both legal and proper at this point in time.

But I would remind, should any of the libertopian scum be listening, that what is legal today may, and in fact is subject to change . . . It is a fact I am sure they are well aware of and one they quite often apply.

[-] 4 points by shooz (26675) 3 months ago

The propaganda is so thick even those that like to post and quote Bernie, NEVER mention, that in practically everything he says, he mentions (R)epelican't obstructionism and their dismantling of what's left of our commons.

No, no. instead they will carry on with bullshit about a non-existent duopoly, or change the subject entirely.

No matter how much proof against it you can provide,it never affects what they say.

[-] 3 points by ZenDog (20419) from South Burlington, VT 3 months ago

it is hard to know if they are simply confused or deliberately misleading. Especially when they show up with multiple ids.

But perhaps that is the first real clue . . .

[-] 4 points by shooz (26675) 3 months ago

The last time I pointed out Bernie's truth's about (R)epelican'ts, subjects got changed and I was attacked.

The fact that they still run bots is a major clue as well.

[-] 4 points by ZenDog (20419) from South Burlington, VT 3 months ago

It is discouraging. Especially since many of the kids who genuinely support the movement are so invested in the myth that both are the same. But when both parties pass NDAA every year at the last minute, the mantra both parties are the same appears completely credible.

[Removed]

[-] 2 points by MattLHolck (16833) from San Diego, CA 3 months ago

I'm getting charged $7,000 this year for a student loan I can't pay

[-] 4 points by shooz (26675) 3 months ago

It's an "industry" in need of regulation.

[-] 2 points by MattLHolck (16833) from San Diego, CA 3 months ago

number shuffling

industry should produce a product

debt is not a product

[-] 4 points by shooz (26675) 3 months ago

That's why I put it in quotes.

They are self named as the "financial services industry".

Would you prefer I call them "services"?

For them, debt is the profit of their product.

[-] 2 points by MattLHolck (16833) from San Diego, CA 3 months ago

call them "financial privilege services"

[-] 2 points by Builder (4202) 3 months ago

It's odd that you can walk away from a house mortgage, but you can't ever lose your student loan.

[-] 1 points by MattLHolck (16833) from San Diego, CA 3 months ago

property is the real value

[-] 1 points by shooz (26675) 3 months ago

Technically, they're called assholes.......................:)

I'm one of those pinko's that think education should be gratis.

[-] 2 points by shooz (26675) 4 months ago