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originally posted by: TrueBrit
originally posted by: Edumakated
There are so many it is hard to even digest it all... everything from OSHA regs, EPA, Healthcare, tax code, etc. It is like death from a thousand cuts. Every time some bureaucrat dreams up some new regulation, it costs time and money for a business.
So, previous to the creation of OSHA, which came about in something like 1970 if I recall, there were insufficient regulations preventing working people being asked to work in unsafe and unsanitary conditions, leading to greater tendency toward serious industrial accidents. OSHA came about because companies could not be trusted to do for themselves, what they should have been to protect both their assets and their workforces. What is it that you have a gripe about with that agency?
And as for the EPA, are you serious? I know it has some flaws, but doing away with the regulation entirely would leave companies free as a bird to dispose of waste any how they please, pump all manner of smog into the air willy nilly, and not blink an eye about it. I know you are smarter than to think that is a good idea! So what is your beef with these regulations specifically?
Let me give you an example. I work in mortgage finance. We are extremely regulated.
You damned well ought to be. No disrespect is intended, but the financial services sector has proven time and again that it cannot be trusted worth a damn to do its own due diligence, respect or protect the investments of customers or shareholders, and sure as hell cannot be trusted to protect the economy as a whole from itself.
There were some new regulations that came out of the CFPB last year regarding disclosures that have been very burdensome. I work at a mid-sized company. We literally had to create an entire department of probably 5 or so new people just to deal with compliance of this regulation. These employees generate absolutely no value to the company. They don't generate revenue and are just a cost of operations adding several hundred thousand dollars to company payroll.
These costs get passed on to our customers in the form of higher rates. So everyone is paying for this useless regulation that made some politician and bureaucrat feel good.
The trouble is, that first of all, the fact that the costs are being passed on to the consumer, is the fault of the greedy individuals who decided that they would rather charge the customer than take a pay cut at the executive level, like a person motivated by something other than greed would. Its not the fault of the regulation itself, and to be absolutely fair, its the industries fault that it failed, had to be bailed out, and is now under the microscope.
In the case of manufacturing, it is lot easier sometimes to just move operations overseas for lower labor costs than to reduce costs in other areas.
EVERY business has to deal with the following formula... Revenue - Expenses = Profit. No entity other than the government can consistently operate at a loss so maintaining profit margins is essential.
Businesses cannot operate at a loss, but even the directors of mid size financial institutions absolutely can and moreover SHOULD be prepared to take a hit to the pocket, if it means not having to charge more for services rendered. You do not start a mortgage company because you are hard up yourself. Thats the sort of business that one only starts from a position of being so loaded, that they could loose a fortune and still have ten more to back them up!
originally posted by: Bluntone22
a reply to: Edumakated
My wife is the manager of a credit union branch.
She tells me people will lie and omit information in order to get loans for cars they can't afford.
They then complain to her that she should not have loaned them so much money.
She also does 2ND mortgages, oh the regulations on that crap.
originally posted by: Bluntone22
originally posted by: pteridine
originally posted by: Zarniwoop
The first thing that comes to my mind is... how can a President elect make a deal to cut taxes on behalf of a state?
What state is Pence the Governor of? What state are the Carrier jobs being saved in?
Pence cat taxes either without the Indiana legislature.