Saturday, June 12, 2010

Is there a solution?

If you're talking about preventing another BP-like disaster whether in the physical or non-physical world, Richard Thaler doesn't think so. He sees the problem as "risks that are erroneously thought to be vanishingly small, complex technology that isn’t fully grasped by either top management or regulators, and tricky relationships among companies that are not sure how much they can count on their partners." For example, there was another major spill in the Gulf of Mexico thirty-plus years ago, not exactly the one-in-a-million shot BP is talking about. And we know that MMS was not eager to even begin to understand the deep-drilling technology. We saw BP, Transocean and Halliburton play pass the buck before Congress and the nation.

I see the issue as another indication of the decline of the U.S. of A.

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