You don’t have to spend much time in Washington to notice a regular pattern of events.
An accident or incident will be followed by a federal disaster declaration. The media will be filled with stories wondering whether the federal government is doing “enough” to “protect” us from the weather or from industry.
Soon, Congress will schedule hearings. The people deemed responsible will be raked over the coals on C-Span. Lawmakers will piously declare that we need new and stronger laws and regulations. These usually pass swiftly and with little opposition, often because lawmakers seldom bother to read them or consider the consequences.
The rest of us live with those consequences -- higher prices, fewer job opportunities -- for years to come. Eventually there’s a new incident, and the process starts over again.
The latest example comes from the Gulf oil spill.
While petroleum was still pouring from a damaged well head 42 miles off the coast of Louisiana and 5,000 feet below the surface, lawmakers were already grilling executives from BP, the company responsible for the drilling.
Sen. Jeff Bingaman, D-N.M., chairs the Energy and Natural Resources Committee. “If this is like other catastrophic failures of technological systems in modern history, whether it was the sinking of the Titanic, Three Mile Island, or the loss of the Challenger, we will likely discover that there was a cascade of failures and technical and human and regulatory errors,” he announced.
The most important word in Bingaman’s statement is the first one. “If.” We don’t yet know what caused the blowout on the Deepwater Horizon drilling rig.
Yet that hasn’t stopped lawmakers or opinion shapers from concluding that the appropriate remedy is to lower the regulatory boom even harder on the oil industry. After Interior Secretary Ken Salazar announced that he intends to restructure the federal Minerals Management Service, The New York Times editorial page cheered and called for more.
“We are also waiting to hear Mr. Salazar’s plans for building a robust and impartial regulatory system, one able to ride herd on a large and lucrative industry that cannot be trusted to police itself,” the editors wrote on May 12.
We need to find out what went wrong, of course, and take steps to make sure it can’t happen again. But it’s highly doubtful that heaping more regulations on industry is the only way -- much less the best way -- to prevent another accident.
In Honor of His 103rd Birthday, Here Are The 20 Best Quotes From The Late, Great Milton Friedman | John Hawkins