Band-aid soultion: New rules but old regulators

White House Lifts Ban on Deepwater Drilling
There are rules and then there are regulators. I have wondered if the BP oil “gush” was the problem of inadequate rules or incompetent/corrupt/uncaring/compromised regulators. I believe it is the latter. How could we, in the first place, have let an oil company drill miles(s) into the ocean without any contingency plans? If that is the regulatory climate, will a few additional rules change anything? For example, remember the S & L (Saving and Loans), Enron, and then, the latest the Wall Street scandals, which have operated basically like reverse-socialism: transferring wealth from the “poor” to the “rich”. We need a defender of socialism, like Robinhood. Will the Democrats (I have given up on the Republicans) ever really fight for social justice and equity?

What do you think?

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