In response to:

Keeping Business Honest

Eli17 Wrote: May 23, 2012 12:11 PM
Stossel says clearly in the article that you're never going to get rid of bad people in business (or crooked politicians for that matter) and that the three things that need to be punished are fraud, theft, and physical assault. I believe that government policy along with financial institutions misrepresenting lender's credentials what securities they were selling (btw, this is also known as fraud) led to the current recession. So, in this context, how exactly does your argument disprove what the article states? I think you just want a utopia where everyone is moral and that is never going to happen. Stossel's point is that the profit motive regulates business better than the government can. Not that there will never be another scam.
Instinctively, we look for people's motives. We need to know whom we can trust and whom we can't. We're especially skeptical of business because we know business wants our money.

It took me too long to understand that business's desire for profit is a good thing. To get our money, businesses -- if they can't look to the government for favors -- need to give us what we want. Then they must make continuous improvements and do it better than the competition does.

That competition is enough to protect consumers. But that's not intuitive. It's intuitive to assume that competition isn't...