Quote of the Day: Lessons from the Bridge
We should all learn this lesson from the bridge collapse: nearly every newsworthy tragedy we see would be less common if those who could have prevented it were subject to the harsh and impartial oversight of the free market. At the same time, nearly every tragedy we see will result in endlessly broadcast exhortations that we eliminate more of that free market and replace it with more of the same government that allowed the tragedy to happen in the first place. The same counterarguments presented above will apply the next time you see a newsworthy tragedy. If enough of us begin using them, perhaps someday we'll start learning these correct lessons.
Imagine if a Wal-Mart fell in on customers, killing them. What would be the reaction? The CEOs of Wal-Mart would be strung up. Certainly there would not be any public moaning about how the roofs of our nation's shopping centers are in disrepair. The blame would be focused and intense, with no excuses tolerated.
The correct solution: get government completely out of the business of building bridges. Private engineers and inspectors, completely independent of the power of government to insulate them from the consequences of shoddy work, will inspect with the zeal of (most) private accounting and law firms, who jealously guard their reputations for excellence. Imagine how safe we'd feel if the people who inspect and approve bridges could actually lose their jobs and their fortunes if they make a fatal mistake!
~Brad Edmonds writing for the Mises Institute