Powells's Endorsement of Obama

[Final-Fan]

bigjon said:

NJ5 said:

Final-Fan said:

(...)

2. Adam Smith

"I think a hybrid of his system is best. No regulation, but with strict oversight, which would kinda fit his system still because all oversight would be is protect the people."

This makes no sense. What is the difference? Are you saying that you want a system that identifies problems but is powerless to do anything about them?

I don't understand this "no regulation, strict oversight" thing either. Is it like having a policeman watching you being robbed and doing nothing about it?

hmm, how do i put this using your cop analogy...

Regulation is like house arrest, you have a narrow amount of things to do and basically little freedom

Oversight is like being on parole. You are being watch closely and have a set amount of things you can't do, and if you disobey you get in trouble.

I guess a simple test is, Regulation tells what to do and how to do it, oversight makes sure you are not doing something you are not supposed to.

So regulation is telling you what to do, and oversight is telling you what not to do?  I think it would prove pretty hard to separate the two.  And do you really disapprove of safety regulations?  And what about the fact that lack of regulation is considered to be the cause of the current crisis?  (If I understand it correctly, something to do with [edit:  never mind deleted part, someone said I'm wrong and I wasn't that sure], and securitization of mortgages so that no one really knew good from bad and it was too hard to renegotiate individual mortgages.)