{"id":12045,"date":"2010-05-22T08:25:35","date_gmt":"2010-05-22T15:25:35","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=12045"},"modified":"2010-05-22T08:27:41","modified_gmt":"2010-05-22T15:27:41","slug":"free-market-solutions-to-government-grown-problems","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/12045\/free-market-solutions-to-government-grown-problems\/","title":{"rendered":"Free Market Solutions To Government- Hatched Problems"},"content":{"rendered":"

Got oil in your water?\u00a0 How’s that government supervised clean up working out for you?\u00a0 A few weeks ago, I said<\/a>:<\/p>\n

This may be a hard pill for government groupies to swallow but the response to the Exxon Valdez oil spill (more government regulations and a limit on liability) is what caused this disaster.\u00a0 Regulations offer a false sense of security.\u00a0 Moreover, when the State manages risk for private industry, private industry will take as much risk as they are legally permitted<\/em>.\u00a0 It happened in the housing market and now its happening to our environment.\u00a0 This is what free market supporters call \u201cmoral hazard\u201d which is a fancy way of saying \u201cwith reward comes responsibility\u201d.<\/p><\/blockquote>\n

Still, the chocolate milk pumps into the sea at a rate of 150 gallons per minute.\u00a0 In my conclusion I said the free market might develop some new technology to clean up oil spills:<\/p>\n

The solution?\u00a0 Government should do one of its two legitimate functions and adjudicate the claims.\u00a0 The judgments will properly quantify the risk associated with an oil spill so that the industry can better measure that risk.\u00a0 Maybe all offshore drilling will cease.\u00a0 Maybe new technology will be developed to bring the oil through the water safely.\u00a0 Maybe reinsurance products will be developed to diversify the risk.\u00a0 \u2026but we\u2019ll never know.\u00a0 We\u2019ll never know because Senator Sara and the rest of the superheroes in Washington are certain<\/em> that they can corral what Adam Smith called \u201cThe Invisible Hand\u201d<\/p><\/blockquote>\n

and…perhaps the private sector, financially backed by the most unlikely of entrepreneurs<\/a>, did:<\/p>\n

Motivated by the Exxon-Valdez oil spill, Kevin Costner began assembling a team of scientists to construct a machine that could clean up massive spills. A decade and a half later, that technology might now be put to use off the coast of Louisiana.<\/p>\n

A massive oil slick creeping to the coast, vulnerable Louisiana wildlife just miles from its path, and Kevin Costner mingling on the lakefront. These are unusual times, and the Hollywood star is introducing Read more<\/a><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Got oil in your water?\u00a0 How’s that government supervised clean up working out for you?\u00a0 A few weeks ago, I said: This may be a hard pill for government groupies to swallow but the response to the Exxon Valdez oil spill (more government regulations and a limit on liability) is what caused this disaster.\u00a0 Regulations […]<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[5],"tags":[],"class_list":{"0":"post-12045","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-real-estate","8":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":11904,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/11904\/how-an-activist-government-destroys-the-environment\/","url_meta":{"origin":12045,"position":0},"title":"How An Activist Government Destroys the Environment","author":"Brian Brady","date":"May 4, 2010","format":false,"excerpt":"Sarah Palin is so suspiciously quiet this week as is President Obama.\u00a0 We're all kind of holding our breath, as the oil spreads throughout the Gulf of Mexico, with hopes and prayers that it doesn't reach the Panhandle beaches.\u00a0 This oil spill is big and its effects might be catastrophic.\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":14941,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/14941\/seasteading-who-is-john-galt\/","url_meta":{"origin":12045,"position":1},"title":"Seasteading: Galt’s Gulch for a new century?","author":"Al Lorenz","date":"August 16, 2011","format":false,"excerpt":"If Galt's Gulch is going to exist in this century, might it be called Seasteading? Peter Thiel has given $1.25 million to an initiative to create floating libertarian countries in international waters, according to a profile of the billionaire in Details magazine. Thiel has been a big backer of the\u2026","rel":"","context":"In "Egoism in Action"","block_context":{"text":"Egoism in Action","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/egoism-in-action\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2355,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2355\/were-all-sub-prime-borrowers-who-consume-oil\/","url_meta":{"origin":12045,"position":2},"title":"We’re All Sub-Prime Borrowers (Who Consume Oil)","author":"Brian Brady","date":"December 12, 2007","format":false,"excerpt":"Residential lending is in a pretty tough spot. Mounting losses, from former white-picket fence owners, are putting a dent in the country club sets' wallets. The problem is not unlike the one we faced 20 years ago; bankers turned into riverboat gamblers. That's all changed. Today, sobriety is the buzzword\u2026","rel":"","context":"In "Investment"","block_context":{"text":"Investment","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/investment\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11905,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/11905\/this-oil-spill-and-the-governments-belated-response-to-it-do-not-prove-the-value-and-efficacy-of-the-government-but-precisely-the-opposite\/","url_meta":{"origin":12045,"position":3},"title":"This oil spill and the government’s belated response to it do not prove the value and efficacy of the government, but precisely the opposite.","author":"Greg Swann","date":"May 3, 2010","format":false,"excerpt":"So I had a spam email from a state-worshipping zealot I've never met named Sara P. Miller. Apparently Sara P. Miller is the modern-age equivalent of those noxious creeps you used to find preaching the gospel of Jheeezuhs! on buses and subway trains, self-imprisoned in a never-silent pantomime of exhibitionism\u2026","rel":"","context":"In "Big Mother"","block_context":{"text":"Big Mother","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/big-mother\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7024,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/7024\/changing-your-own-hi-tech-oil-who-cares-is-there-a-skinned-cat-or-not\/","url_meta":{"origin":12045,"position":4},"title":"Changing Your Own Hi-Tech Oil — Who Cares? — Is There A Skinned Cat Or Not?","author":"Jeff Brown","date":"February 21, 2009","format":false,"excerpt":"Greg's post earlier today prompted me to respond via post rather than comment. He made some superb points, and one or two for which we'll have to agree to disagree. He quoted me from my earlier post: If you honestly believe your income is higher with you spending time changing\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3223,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3223\/canadian-housing-crash-could-induce-more-investing-in-america\/","url_meta":{"origin":12045,"position":5},"title":"Canadian Housing Crash Could Induce More Investing in America","author":"Brian Brady","date":"June 9, 2008","format":false,"excerpt":"You heard it here first. Canadian real estate is in the danger zone. Well, maybe not all of Canada's housing stock will fall but the Western provinces look overvalued. If you subscribe to my site, you heard about this over the weekend. It all started back in 2003. A barrel\u2026","rel":"","context":"In "Investment"","block_context":{"text":"Investment","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/investment\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/12045","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=12045"}],"version-history":[{"count":2,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/12045\/revisions"}],"predecessor-version":[{"id":12047,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/12045\/revisions\/12047"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=12045"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=12045"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=12045"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}