Well then, just get rid of the rule saying you have to be sponsored by a brokerage to take the test. And I would assume that most poor people can't afford accountants or other financial assistants to manage their assets in the way that a rich person would.
We should get rid of that rule, as well as loads of other rules that don't actually protect the consumer and do protect large corporations. And you usually pay a percentage of the assets under management, so a poor person could afford it.
But if they're in bed with the regulators, then they are not being regulated.
But smaller business are being regulated, by people who are in bed with the big companies. That's the problem.
I should hope that preventing someone from eating a poisoned tomato to begin with is more important than ensuring the company pays a proper settlement afterwards.
Edit:
But smaller business are being regulated, by people who are in bed with the big companies. That's the problem.
I completely agree. I don't see that as being intrinsically part of regulation however, assuming you appoint the proper people as regulators.
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"Ahem! There is *sand* on my *boot*!"--Kefka Black Turtle beat me, Yesmar in the Fall 2010 Guru Contest!
I should hope that preventing someone from eating a poisoned tomato to begin with is more important than ensuring the company pays a proper settlement afterwards.
The company isn't going to produce a poisoned tomato if they know they're going to be sued straight to bankruptcy afterwards. I used not to think this, but after learning more about it I do think it's impotant for us to maintain a strong tort system. There are many lawsuits that are not frivolous but necessary to protect the public. For example, the McDonald's hot coffee case- millions of dollars for one person who was burned by their hot coffee seems excessive, but there were actually hundreds of people who were burned by McDonald's coffee and didn't sue, or settled for a few hundred dollars.
I think the new Supreme Court decision allowing companies to put clauses in their contracts barring customers from suing in class action lawsuits is a bad idea.