printREGULATION ENCOURAGES RECKLESSNESS; private property rights in waterways is the solution to the pollution of the ocean.
FoxNews informs that “The 20-year-old Oil Pollution Act would make BP responsible for paying for the cleanup costs [of the gushing oil spill in the Gulf of Mexico]. There have been questions raised about another part of the law that caps their liability at $75 million for other economic damages. … the damages could easily top $75 million. A handful of senators, though, have introduced a bill to raise the cap to $10 billion, which the administration supported.”
State regulation works to the advantage of offenders, as the state and its corporate donors invariably come to an agreement about what constitutes reasonable damages—agreements that usually disadvantage harmed parties.
Leave injured parties to sue for damages. However, for a just tort system to work one needs … private property. Private property rights in waterways, or riparian rights in water that abuts private property—this is the best way to protect the ocean and other hitherto state-controlled expanses of water from being destroyed.
There you go again. Actually injecting logic into a good argument. In this case BP failed big time. The US government failed big time. BP because it was trying to guard it’s bottom line. The US government because they are the same corrupt, incompetent schmoes they have always been.
So, Congress wants to raise the liability limit from $75 Million to $10 Billion? Hmmm…seems like a savings to me since a BILLION ain’t what it used to be! I just wonder how much money in campaign contributions that will cost BP?