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Waxman Re-Writes Business Rights
Jul 17, 2010
Hang your clothes on a hickory limb / But don't go near the water. That seems to be the message of Rep. Henry Waxman's bill to limit the conditions under which a person may drill for oil. According to Marlo Lewis of the Competitive Enterprise Institute, the Waxman restriction is simply that the would-be driller first accomplish the impossible. After that, he may go right ahead.
This is a novel approach to business rights that is sure to be adopted by many other legislators and regulators. Before selling a food, one must demonstrate that it can be consumed without harm in unlimited quantities. Before refusing a mortgage, one must demonstrate that it would not be repaid even if the borrower won the lottery. Before two companies merge, they must demonstrate that every single customer in the last five years would have been better served by the new arrangement. It's not that a person doesn't have right to run his business as he sees fit; it's just that government must make sure no one wil be harmed by your business.