Friday, June 2, 2023

Classic Stossel: Regulation Overload with Peter Thiel

Government planners slow innovation with burdensome rules.

In 1931, workers built the Empire State building in just over a year. Now it takes 13 years to finish the new World Trade Center.
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Entrepreneur Peter Thiel America is lucky that today’s FDA wasn’t around when the polio vaccine was invented.

A Stossel Classic from 2016

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  • These are too short you need more time to give more examples

  • I love how john stossel speaks as a rational libertarian and then everyone in the comment sections is a one-track minded fringe-idiot republican reaching for connections that just aren't there. Lmao

  • Generally agree with John but in regulation I think he carries over regulation little too far with message of no regulation work. No or little regulations works until something goes wrong. I don't think anyone wants to hop in an airplane, cross a bride, go to top of high rise buildings, or take medications without reasonable regulation. Regulations come as results of lessons learned, but many bad ones come out of emotional reaction resulting in pure political regulation not from science or engineering. The polio example states it wouldn't happen today due to regulation. No, it wouldn't happen today as well due to news and social media that would obsess over any death which would drive polarized politics noting John likely would put out video questioning the benefits of the polio vaccine, noting the dangers, or overreaction to require polio vaccines.

  • Over regulating is destroying this country. It's causing complete gridlock and costing taxpayers billions more than it should for basic infrastructure needs.

  • US appears to be walking slowly to the face fate of Latin America. In Latin America nothing is permitted until the Government says so.

  • That’s why Trump did cut lots of the regulations.

  • "In the 30's, some trains ran over 100 miles per hour." Well, some trains run over 100 miles per hour now. The weight of our trains is due to their function, not because of government.

  • Americans can’t build anything anymore. All of the advancement is taking place in Asia. Even those fancy phones, we can’t build them here, they make them in China and South Korea.

  • Using the pharma industry as an example is simply BAD. There is nothing more corrupt. And this aspect, that regulation fosters corruption, and that regulation favors big business, is totally missing in this piece.

  • Wait… Our trains are twice as heavy? Doesn't that make them harder to stop?!

  • As pointed out in another of your videos corporations use government regulation to keep their competition out of the market. They love that it takes a billion dollars to bring a drug to market and that the government will protect them in the courts and from generic brands.

  • I'm all for decreasing regulation, hell Excutive order 13771 helps with that. I just believe that there should be a minimum amount of regulations. There has to be a leash on both the government and the people. That's where the issue comes in, where is this equilibrium?

  • People will bypass the government.
    Government continually sets up blocks and the herd continually runs around. The people pick the winners

  • CJ

    4:50 that’s crazy how the polio vaccine initially gave 40,000 people polio. And them saying that that kind of speedy vaccination process wouldn’t happen today. Clearly it did purely because it had to. I myself got vaccinated. I guess we’ll see what happens but it seems to be better than polio started. We’ll see.

  • @Stossel: one of the BEST videos I've seen on your channel! Very satisfying blend of detailed research, satire, and flawless editing

  • You mean government makes everything cost more and take longer? I never would have guessed. /s

  • ABOLISH government and EMBRACE anarchy!

  • Yea let's all forget about the "Thalidomide scandal"

  • Correction Euro-Muricans Build The Empire State Building 😅

  • Sir Fredrick Banting would have had trouble discovering Insulin for diabetics today,-yeah he killed 10 dogs in experiments before finding this drug used by millions.

  • 13 years is freaking embarrassing. If we were worth a damn we'd of had it up in a year instead of bombing half the world.

  • A lot of Peter Theil’s companies are trying to destroy patent law so they can steal intellectual property from small inventors. It costs $2 million to pursue a lawsuit against a company infringing your Patent so some small investors sell their patent to patent holding companies that have the money to enforce them. Then people like Peter Thiel, trying to paint the patent holding companies as bad guys because they didn’t make the invention and they’re not selling a product, label them trolls. They don’t like it when someone has the financial resources to enforce a patent that he wants to infringe. He is such a hypocrite. He secretly funded Hulk Hogan’s invasion of privacy lawsuit in order to put out of business a magazine that had outed him. I guess that makes him a libel lawsuit troll. He is evil.

  • I was just watching a bunch of your videos, some of them were good and I was going to subscribe. Then I put this video on. You gave cover to Peter Thiel, the closest thing to a real life bond villain possible.

    I'm out. Someone willing to light Thiel positively isn't someone worth watching

  • Well the way the games are going now its going to happen

  • What a difference 5 years make. We now have speech control and idea suppression. TY Silicon Valley. We can't talk about how transparent the 2020 election wasn't or that the Wuhan lab leaked a virus, but we are safe,… from every idea you don't like.

  • So you are against all regulations?

  • I don't want any drones flying and dropping packages by accident in my yard.

  • Sleepy Regulators …. like it

  • Interesting discussion, but I'm dubious about the polio vaccine not getting approved…FDA approved Covid-19 vaccines quickly. Of course, there was enormous political pressure to do so…

  • Jesus Christ died for the remission of all sin, was buried and rose on the third day. If you simply believe and trust this, you will live forever with him. John 6:28 "Then said they unto him, What shall we do, that we might work the works of God? 29Jesus answered and said unto them, This is the work of God, that ye believe on him whom he hath sent."

  • Thanks to everyone just clinging to warranties. Maybe 1 out if every 1000 Americans own a decent set of tools not just some Chinese $30 115pc set of off center sockets lol

  • Not just the US, look at the situation in the EU…

  • Without regulation, consumers would take all the risk. Do you think a bunch of investors in a boardroom care more about your well being or making a extra buck by cutting corners. For everyone person trying to do good, there would be 100 snake oil salesman. Now I understand to much regulation can hinder some innovators, but for the consumer better safe then sorry.

  • You just have to find your happiness, I love STOSSEL to no end but all of his videos can get me down. Remember life is worth living and fighting for <3

  • As a child, we did Cub Scout olympics with over 100 scouts. I remember being so nervous and sad at the awards ceremony after they announced third and then second place. I was sure I didn’t place. Turns out I won first place. It was a great feeling of accomplishment. I couldn’t imagine getting a trophy for something I didn’t legitimately earn. Kids are much more mature in certain ways than we think. I praise my son when he does something really good, but I am not afraid to teach him that failure is okay. It’s quitting altogether that’s the problem.

  • Didn't Trump get rid of a lot of the regulations

  • This video didn't age well.

  • I think stossel missed the mark on this one, tech companies don't boom because there are no regulators, they boom because software products are inherently unlike other products. In the software world you only need to build it once, then it's pure profit reselling the product to as many people as you can. In any other industry, you have serious per-unit costs and overhead that you just don't have with software.

  • I wish these videos were longer lol

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