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 He argues that these agencies either become too aligned with the industries they regulate or they are stuck in outdated practices, resulting in approval of high prices and poor service.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.
We know the future will outlast all of us, but I believe that all of us will live on in the future we made.
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.
What we have in the United States is not so much a health-care system as a disease-care system.
We want to support our troops because they didn't make the decision to go there... but I don't think it should be open-ended. We ought to have a benchmark where the administration has to come back and give us a report.
Individual faults and frailties are no excuse to give in - and no exemption from the common obligation to give of ourselves.
Our mission, as set forth by the Congress is a critical one: to preserve price stability, to foster maximum sustainable growth in output and employment, and to promote a stable and efficient financial system that serves all Americans well and fairly.
The Federal Budget can and should be made an instrument of prosperity and stability, not a deterrent to recovery.
One way to have broader access to wealth is to reduce the tax on the large group and increase the tax on the very top so concentration of wealth doesn't get to extreme levels.
The great danger to the consumer is the monopoly -whether private or governmental. His most effective protection is free competition at home and free trade throughout the world. The consumer is protected from being exploited by one seller by the existence of another seller from whom he can buy and who is eager to sell to him. Alternative sources of supply protect the consumer far more effectively than all the Ralph Naders of the world.
Why does a public discussion of economic policy so often show the abysmal ignorance of the participants?
We can fight the global economy with a strong local economy.
Subscribe for the occasional hand-picked quote. No noise.