Regulation has gone astray. . . . Either because they have become captives of regulated industries or captains of outmoded administrative agencies, regulators all too often encourage or approve unreasonably high prices, inadequate service, and anticompetitive behavior. The cost of this regulation is always passed on to the consumer. And that cost is astronomical.
Interpretation
This quote critiques regulatory bodies for failing to effectively control industries, leading to higher costs for consumers.
Edward Kennedy's quote highlights the shortcomings of regulatory agencies that are supposed to oversee industries. He argues that these agencies either become too aligned with the industries they regulate or they are stuck in outdated practices, resulting in approval of high prices and poor service. Ultimately, this failure leads to excessive costs that are borne by consumers, raising concerns about the effectiveness and accountability of regulation.
In practice
In a speech addressing the flaws in regulatory bodies in the finance sector.
Immigrant families have integrated themselves into our communities, establishing deep roots. Whenever they have settled, they have made lasting contributions to the economic vitality and diversity of our communities and our nation. Our economy depends on these hard-working, taxpaying workers. They have assisted America in its economic boom.
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With Barack Obama, we will turn the page on the old politics of misrepresentation and distortion. With Barack Obama we will close the book on the old politics of race against race.
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Individual faults and frailties are no excuse to give in - and no exemption from the common obligation to give of ourselves.
Developing economies may not have much control over the headwinds that they face today, but that does not mean that they are powerless. Much can be done not just to sustain moderate growth but also to secure a more prosperous and resilient future.
Tax laws favor capital over labor, giving capital gains a lower rate than ordinary income. The rich get humongous mortgage interest deductions while renters get no deduction at all.
The trouble with the profit system has always been that it was highly unprofitable to most people.
The shortage of buyers, which the world is suffering from, is readily understood, not as due to people not wishing to obtain possession of goods, but as people being unwilling to part with something which might earn a regular income in exchange for those goods.
There should be no unemployment. There is large percentage of labor now which cannot make a living because wages are not high enough. That is industry's 2nd job. 1st job is to make good product. 2nd pay a good wage.
You have to remember: what are incomes to banks are outgoes to families.
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