Dear Governor Herbert,

I read your State of the Union address and thought it was well done. Utah is truly a great place to live and do business, and also for golf, a sport we both enjoy. With the USGA Public Links Championship at Soldier Hollow this year perhaps we can find some time to golf together as part of the occasion.

Your speech was almost entirely positive and I was in agreement almost one hundred percent — except in one glaring way—your expressed antagonism to the federal government. I suppose that was red meat for the GOP, a part of a ritual of being elected in Utah.  It’s the safe, almost required thing to do. It assures an applause line.

However, it is my contention that it is unhealthy for us to continually demean our national government and promote disrespect for it and not give credit where credit is due.

You say government doesn’t create jobs, and that all the credit for a good economy in Utah rests snugly in the trophy case of free enterprise, but that is so obviously and patently untrue that it surprises me that Republican politicians continue to repeat that nonsense without fear of contradiction. I would think that just for the sake of a clear conscience that an occasional Republican would have the personal integrity to refrain from making that absurd statement. Is it part of some secret anti-government Republican oath that requires repeating?

As CEO of the Great State of Utah how many jobs are you supervising? Are these not jobs? Do these people not pay taxes? Are they not providing goods and services? Is there any other CEO in the state supervising more jobs than you? The jobs in Utah’s Higher Education System are some of the most important and esteemed jobs in the state, and surely those government jobs lead to the creation of thousands of free enterprise jobs. Our public school teachers all across this state are preparing our children for college and future employment, not to mention thousands of other state and local employees keeping our important government agencies operating smoothly, services that are absolutely necessary in order for free enterprise to thrive and grow. How are all these government jobs not contributing to a vibrant economy? How would free enterprise survive without them?

How many free enterprise jobs did government create this year with the expansion of I-15 in Utah County? How much did that government project contribute to our economic prosperity?

I drive by Camp Williams quite often and I have been amazed at the number of employee cars parked at the site. One would think there was a BYU or Utah football game being played there. Outside of the LDS City Creek Project the federal government’s National Security Agency project at Camp Williams is probably the originating source of more private enterprise jobs than any other single source this past year. The future high paid government employment figures at NSA will remain high for years to come and will surely enable future governors to take credit for job creation while demeaning the feds for being in the way.

I wonder how our new job report would look without all the jobs made possible this past year by the feds—jobs that were 100% opposed by our Utah congressional delegation. Yes, even our token Democrat has to vote like a Republican (more…)

2012 State of the State Address

A Strong Economy Fosters Healthy Communities and Prosperous Families

Lt. Governor and Mrs. Bell; President Waddoups; Speaker Lockhart; members of the Utah Legislature; members of my Cabinet; Justices of the Utah Supreme Court; Utah’s First Lady, my beautiful wife, Jeanette; and my fellow Utahns:

It is an honor and a privilege to address you this evening. As we assemble in this beautiful and historic chamber, let us take time to acknowledge those who protect our freedoms and keep our homeland safe. This past August, I traveled to Iraq and Afghanistan to meet with some of our deployed Utah servicemen and women. It was a humbling experience. Our liberty – the free exercise of our God-given rights – is preserved by the men and women of our Armed Forces who willingly put themselves in harm’s way for God, family and country. This past year, in the span of just over a month, we lost six Utah soldiers, sailors and marines in Afghanistan. These brave servicemen made the ultimate sacrifice in defense of this nation and the ideals which make it great. We also acknowledge the loss of Agent Jared Francom, tragically killed in the Ogden shooting incident just a few short weeks ago.

Tonight, we have as honored guests in the gallery, family members of those we have lost at home and abroad. As they stand, please join with me to acknowledge them, and thank them for their loved one’s service and sacrifice.

As Governor of the great State of Utah, I am pleased to report that the state of our State is strong – and growing stronger. I want you to know I am very optimistic about Utah’s future. While our national economy continues to struggle, the economy in Utah surges ahead. Our unemployment rate continues to steadily fall. We currently have the second-fastest rate of job creation (more…)

As Prepared for Delivery –

Mr. Speaker, Mr. Vice President, members of Congress, distinguished guests, and fellow Americans:

Last month, I went to Andrews Air Force Base and welcomed home some of our last troops to serve in Iraq. Together, we offered a final, proud salute to the colors under which more than a million of our fellow citizens fought — and several thousand gave their lives.

We gather tonight knowing that this generation of heroes has made the United States safer and more respected around the world. For the first time in nine years, there are no Americans fighting in Iraq. For the first time in two decades, Osama bin Laden is not a threat to this country. Most of al Qaeda’s top lieutenants have been defeated. The Taliban’s momentum has been broken, and some troops in Afghanistan have begun to come home.

These achievements are a testament to the courage, selflessness, and teamwork of America’s Armed Forces. At a time when too many of our institutions have let us down, they exceed all expectations. They’re not consumed with personal ambition. They don’t obsess over their differences. They focus on the mission at hand. They work together.

Imagine what we could accomplish if we followed their example. Think about the America within our reach: A country that leads the world in educating its people. An America that attracts a new generation of high-tech manufacturing and high-paying jobs. A future where we’re in control of our own energy, and our security and prosperity aren’t so tied to unstable parts of the world. An economy built to last, where hard work pays off, and responsibility is rewarded.

We can do this. I know we can, because we’ve done it before. At the end of World War II, when another generation of heroes returned home (more…)

Rocky Anderson, two term mayor of Salt Lake City, recently announced his candidacy for President of the United States under the label of the newly formed Justice Party.

This was his acceptance speech at the nominating convention:

Ross C. “Rocky” Anderson Accepting Justice Party Nomination for Candidacy for President of the United States (website)

I am proud to accept the nomination of the Justice Party to run as its candidate for President of the United States.

This is not my campaign.  This is a campaign of, for, and by the people.  We join together in this endeavor for the sake of justice – social justice, environmental justice, and economic justice.   We pledge to organize and act, tenaciously and over the long haul, for the sake of the public interest, to enhance and protect freedom for all, and to vindicate the sacred promise of justice for all.

Those who understand that our great nation and its people have been harmed severely, and are at tremendous risk for even greater damage in the future, can be powerful agents of positive change.  We need not settle for governance by the Republican and Democratic parties, which thrive on the corrupt money machine, nor do we have to confine ourselves to voting for the lesser of two evils, if indeed there is a lesser evil among the common choices.

If we have the vision, the courage, and the will, we can, together, forge a very different way – a way that will lead to a future of fiscal responsibility and respectful regard for the economic burdens we leave for later generations; secure jobs and fair compensation; decency and rationality in our cruel, self-destructive criminal justice system that is largely based on an irrational rage to punish; an investment in our nation’s infrastructure, education, and innovation that is as substantial as our need to re-gain our global competitive edge; compassionate and rational immigration reform; respect for fundamental human and civil rights; victory over the stranglehold of the military-industrial-congressional complex; protection of our air, water, and wild lands; essential health care for all, as in every other nation (more…)

(This review of Ron Suskind’s latest book was written by Dan Froomkin for The Huffington Post.)

by Dan Froomkin

Barack Obama is heading back onto the campaign trail, running as a champion of the middle class and even hoping to harness the Occupy movement’s public anger at Wall Street.

But the higher he soars with his populist rhetoric, the more he calls attention to the enormous gap between the promise of hope and change that he campaigned on in 2008 and the actions he has taken as president — especially regarding the economy, which is still stagnating, and Wall Street, which remains unpunished and unbowed even after causing the biggest financial crisis since the Great Depression.

As a result, voters will inevitably be asking themselves: Who is this guy, really? Does he mean what he says? Will he do what he says? And would a second-term Obama be different?

One answer to why Obama underperformed is laid out in searing detail in Pulitzer Prize-winning reporter Ron Suskind’s latest book, Confidence Men: Wall Street, Washington, and the Education of a President.

In the book, Suskind describes how Obama made the conscious choice to staff his economic team with former Clinton appointees whose sympathies were with Wall Street — and that those men were unable to see how drastically out of whack the country’s financial system had gotten both because they helped create it and because it had served them so well.

This is an in depth review of Suskind’s hard hitting and penetrating observations of the dilemma that Obama faced when he took office. It shows that the tentacles of Wall Street are everywhere.

Obama’s populist viewpoints were compromised by the timing (more…)

Published on Tuesday, March 8, 2011 by RobertReich.org

The Birth of the People’s Party?

by Robert Reich

Look at the outrage in Madison, Wisconsin. Look at the crowds in DesMoines, Iowa. Look at the demonstrations in Indiana and Ohio and elsewhere around America.

Hear what they’re saying: Stop attacking unions. Stop making scapegoats out of public employees. Stop protecting the super-rich from paying their fair share of the taxes needed to keep our schools running.

Stop gutting the working middle class.

Are we finally seeing average Americans stand up and demand a fair shake in an economy now grotesquely tilted toward the wealthy and the privileged? Are Americans beginning to awake to the fact that our economy now delivers a larger share of total income to the very top than at any time in living memory? That big corporations are making more money and creating more jobs abroad than in the United States?

That this concentration of income and wealth has so corrupted politics (more…)

The following letter written by Dave Coupal of Cottonwood Heights was published in The Salt Lake Tribune Public Forum Section, March 2, 2011.

by Dave Coupal, Cottonwood Heights

Those who engage in civil disobedience must be willing to pay the price and serve their time in jail (“Jury is set for DeChristopher trial,” Tribune, Feb 28). If convicted, perhaps Tim DeChristopher can share a cell with that other Utah agitator who disobeyed a law: state Rep. Mike Noel, R-Kanab. They both would surely benefit from a little time hearing from someone on the opposite side of the environmental issue.

I assume Noel will have a longer stay, since his illegal protest stunt of driving his all-terrain-vehicle up the restricted Wilderness Study Area of the Paria River did permanent damage to our publicly owned lands; whereas, DeChristopher just annoyed some energy producers.

By the way, when will the jury be set for the Noel trial?

Dave Coupal

Published on Monday, February 21, 2011 by CommonDreams.org

How Bad Is It?

by Robert Freeman
This must be what it’s like when a country goes insane, when it falls down a rabbit hole and tries to pretend that everything is normal.

It can’t tell truths from lies. Hucksters pose as upright men, and people imagine they are Solons, avatars of insight come down from the ages. Sleazy operators pass themselves off as statesmen, as thinkers of deep gravitas, and the crowds, unable to distinguish sanctimony from sincerity, bravado from bullshit, lap it up.

Let’s be clear. It was the Republicans who wrecked the economy. Both their people and their policies drove the economy into the ditch. They wrecked the economy not once, but twice in the last eighty years.

So Republicans condescending to instruct Americans about how to fix the economy is like the captain of the Titanic lecturing shipping operators about safe procedures for navigating the north Atlantic. No sane society would tolerate it. But this one does.

How bad is it this time?

Six million people have lost their jobs. Twenty five million are underemployed. Many will never work again. Eight trillion dollars of middle class wealth has been destroyed in the housing collapse. One out of four mortgage holders are under water, owing more on their home than it’s worth. Fifty million people are living in poverty. One out of eight Americans are on food stamps. One of every two children will be on food stamps at (more…)

By Matt Canham

The Salt Lake Tribune

Published: February 18, 2011 07:13PM (Part of series on MLM)

Washington • For federal regulators, the idea seemed like a no-brainer.

People thinking of selling Avon, Utah-based Nu Skin or some other multilevel marketing (MLM) products should know how likely they are to make a profit. They should know about any lawsuits against the company and the number of independent sellers who ended up demanding a refund.

After years of study, the Federal Trade Commission in 2006 formally proposed a “business opportunity rule” to protect people from fraud by requiring such disclosures of MLMs, also known as direct sellers, along with companies pitching vending machine routes and letter-stuffing campaigns.

Then regulators asked the public to comment. And they did. First by the hundreds, then by the thousands, almost all of which were sent by direct selling companies or their distributors clamoring that the rule would hurt their home-to-home business, if not kill it all together.

Two years later the FTC dropped any reference to MLMs and forged ahead with its proposal. The commission expects to finalize the business opportunity rule sometime later this year.

So what happened? That depends on your vantage point.

The direct selling industry says it demonstrated that the proposal was unnecessarily onerous and persuaded federal regulators to back off.

The FTC’s staff say they decided the rule wouldn’t help consumers determine if a MLM was a good bet.

And then there’s a small group of critics who believes the FTC caved to political pressure from a questionable industry.

“It defies reason and the experience (more…)

Supplement makers seek scientific proof of claims
By Kirsten Stewart

The Salt Lake Tribune

Published: February 21, 2011 10:02AM

Companies such as Tahitian Noni International, headliners of Utah’s booming nutritional supplement industry, built fortunes extolling the healing powers of juices made from exotic, tropical “super fruits.” Tahitian Noni champions the noni, XanGo touts the mangosteen, and MonaVie boasts the once-obscure, now wildly popular açai (AH-sigh-EE).

But after nutritionists questioned some of their health claims, manufacturers rejected the “super fruit” label.

They’re now rebranding their products as medicinal and pumping millions into research — not just test tube analyses of key ingredients, but randomized, placebo-controlled human trials on whole formulas.

“We don’t rely on third-party research. We study our own finished product. We want to know that it has benefits as consumed,” said Brett West, research director at Tahitian Noni in Orem.

In one company-funded study, the juice reduced biomarkers that indicate cancer risk in 120 heavy smokers. Another study suggested the juice can reduce high blood pressure in adults. Both were published in professional, peer-reviewed journals.

In 2009, XanGo in Lehi tested its juice on 122 overweight and obese adults. At a dose of 18 ounces per day — far higher than its label recommends — the juice reduced indicators of inflammation, which may contribute to heart disease and diabetes, the study’s authors found.

But experts say they’re a long way from scientific proof. And without more independent research, there’s a void for thirsty shoppers.

“Just claiming a fruit has antioxidants or bioindicators of inflammation doesn’t mean it has lasting effects,” said Wayne Askew, chairman (more…)

State of supplements: Elusive wealth, strong lure

By Steven Oberbeck

The Salt Lake Tribune

Published: February 21, 2011 08:16PM (3rd in series)

Lured by the promise of wealth, thousands of Utahns every year become “distributors” of the pills, potions and lotions multilevel marketing companies in the state make.

Nearly all will fail, with their money flowing into the pockets of an elite few top-level distributors — men and women who typically get into the game early and make a fortune off those who try but fail to duplicate their successes.

“You hear of people making a fortune in multilevel marketing. You also hear of people who made a fortune playing the lottery. Neither one is a good way to try to make a living,” said Jon Taylor of Kaysville, an industry critic and author of The Network Marketing Game.

Multilevel marketing companies, also known as network marketing companies, operate pyramid-like sales structures made up of multiple levels of independent distributors who earn commissions by selling products. The problem is, the products usually are expensive — $30 or more wholesale for less than a quart of fruit juice, for example. Marking them up even more for sale to the public doesn’t produce a lot of retail sales.

Instead, the distributors are the customers. They rely on getting a piece of the sales from new distributors they recruit — and on down the line. For the thousands at the bottom, though, it is nearly impossible (more…)

Published on Monday, February 21, 2011 by CommonDreams.org

Waking Up in Wisconsin

by David Michael Green

Whodathunkit, eh?

Insignificant, backwater, third world banana republics like Tunisia and Egypt pioneering the way for the greatest superpower and richest country on the planet.

That’s not supposed to happen.

I mean, we pay for a military that costs as much as every other one in the world, combined, even though it can’t win endless wars against insignificant, backwater, third world banana republics.  They can’t say that about their militaries!  We’ve got annual deficits that are bigger than their entire economies.  The size of our economy is half-again bigger than the number two in the world (with one-fourth the population), and we’ve managed to produce a health care system that ranks 39th globally.  Who else can claim that badge of honor?  No doubt that ranking partially explains why our life expectancy figures are lower than just about every country in the developed world.  Our education system, once the envy of the world, is crumbling, along with the size of our college enrollments.  Ditto our infrastructure, much of which hasn’t been maintained in decades.  Who can touch that?  We have the highest polarization of wealth in the entire developed world, and more than any country in the Arab world too.  Sweet!  Another cool thing is our incarceration rate.  It’s 743 per hundred thousand people.  The next highest country has less than half that figure.  Our use of torture and rendition and the remote-controlled aerial bombings of civilians has earned us the scorn and hatred of the world, while our political leaders, unmatched in their capacity for hypocrisy and buffoonery, have made us a laughingstock that few puffy-chested, medal-covered third world dictators can match.  You got Mugabe?  We got Palin.  You got Charles Taylor?  We got George W. Bush, in a democracy no less.

So, with a record like that, who in the world are these punky backwater countries to teach high and mighty America anything about anything?!?!

Darned if it hasn’t happened, though.  I mean, you can say it’s a coincidence if you want, and you may even be right.  But I can’t help thinking that the people of Wisconsin have been inspired by the people of Egypt.  Who were themselves inspired by the people of Tunisia.  Both of whom have inspired the people of Bahrain, Jordan, Iran, Libya, Yemen, Iraq and beyond.  Meanwhile, Wisconsin seems to be inspiring Americans in other states finally to fight back.

It would seem that people power is in the air in early 2011, and that it’s quite contagious.

Whatever is the explanation for the Cheesehead version of Tahrir Square, it is unbelievably welcome, and just (more…)

by Josh Kosman

The New York Post

Likely Republican presidential candidate Mitt Romney has been out on the pre-campaign trail this month saying he is the man to get Americans back to work, despite a spotty jobs record while on Wall Street.

However, the former private equity firm chief’s fortune — which has funded his political ambitions from the Massachusetts statehouse to his unsuccessful run for the White House in 2008 — was made on the backs of companies that ultimately collapsed, putting thousands of ordinary Americans out on the street. That truth if it becomes widely known could become costly to Romney, who, while making the media rounds recently, told CNN’s Piers Morgan that “People in America want to know who can get 15 million people back to work,” implying he was that person.

Romney’s private equity firm, Bain Capital, bought companies and often increased short-term earnings so those businesses could then borrow enormous amounts of money. That borrowed money was used to pay Bain dividends. Then those businesses needed to maintain that high level of earnings to pay their debts.

Romney in 2007 told the New York Times he had nothing to do with taking dividends from two companies that later went bankrupt, and that one should not take a distribution from a business that put the company at risk.

Yet Geoffrey Rehnert, who helped start Bain Capital and is now co-CEO of the private equity firm The Audax Group, told me for my Penguin book, “The Buyout of America: How Private Equity Is Destroying Jobs and Killing the American Economy,” that Romney owned a controlling stake in Bain Capital between approximately 1992 and 2001. The firm under his watch took such risks, time and time again.

Bain and Goldman Sachs, for example, put $85 million down in a $415 million 1994 leveraged buyout of Baxter International’s medical testing (more…)

Published: February 20, 2011 11:45PM

The Utah Legislature has a history of starving public schools and then criticizing them for failures. Bills in the current session would label struggling schools with D or F grades but offer no resources to help them improve and would funnel scarce public funds to private online schools.

Thus, legislators continue to encourage parents to abandon traditional public schools for private or charter schools. Obviously, despite the resounding defeat in 2007 of a voucher law that would have sent public money to private schools, the Legislature has not given up that battle.

In Senate Bill 65, Sen. Howard Stephenson would set up a statewide online education program that would direct taxpayer money to private providers of online courses. It has passed the Senate.

Sen. Wayne L. Niederhauser and Rep. Greg Hughes are sponsoring a bill to have public schools graded, based on statewide assessments, and for high schools, the graduation rate. They are modeling this legislation on a similar program in Florida. It would provide parents with information to justify abandoning those schools.

That is the Republican agenda–do away with government! And the biggest part of local government is public education! And it has been systematically dismantled by the Republican legislature (more…)

By Paul Beebe

The Salt Lake Tribune

Published: February 19, 2011 10:53PM

Harris Simmons doesn’t want to express an opinion about the $8 million civil fine federal regulators recently levied against Zions Bank for serious deficiencies in its Bank Secrecy Act and anti-money laundering controls.

But there are a few things that Simmons, chairman of parent company Zions Bancorp, wants shareholders and customers of the biggest home-grown financial institution in Utah to know.

Zions takes its obligation to comply with federal banking laws seriously, Simmons said in an interview.

He also wants to say that the Office of the Comptroller of the Currency and the Financial Crimes Enforcement Network didn’t find evidence of any illegal money transfers, only that there were lapses in Zion’s compliance.

“We spend millions a year, [and] we have at last count 90 people working full time on this kind of compliance. They are monitoring about half a billion transactions year worth about $8 trillion,” he said.

Like other financial institutions, Zions is required to report suspicious money transactions to the government within 30 days. The Financial Crimes Enforcement Network, a Treasury Department agency that fights money laundering, said Zions failed to file on time 132 reports representing $12.3 billion in suspicious activity (more…)

By Tom Harvey

The Salt Lake Tribune

Published: February 20, 2011 12:05AM

(First in a three-part series on multi-level marketing firms in Utah. Once again we can count on the Tribune to tackle the important issues of the day. This will be a great service to Utahns who are quite conflicted about the business models of multi-level companies.)

MonaVie CEO Dallin Larsen took the stage in Orlando, Fla., last month and got to work.

He extolled riches to be earned. He shed tears over a little girl’s cancer. He evangelized about his company’s exotic fruit juice.

MonaVie, Larsen said, is building toward $20 billion in annual sales of its products based on a berry from the Amazon jungle.

His audience of independent distributors responded with episodes of wild cheers.

Attending conferences such as the Orlando event in January and one coming in June in Salt Lake City is like “going to church, going to temple,” Larsen said. He exhorted the distributors to put in 10,000 hours building their own independent businesses by recruiting others into their networks, saying, “No longer can you make an excuse. It’s up to you.”

“We’re locked and loaded,” he told the crowd. “We’re ready for the next 100 millionaires.”

To outsiders, events such as this have all the feel of a cult, the true believers cheering as men and women dangle promises of wealth, spiritual well-being, personal health, family togetherness and happiness through the medium of fruit juice.

Cultish though it may seem, the marketing of nutritional products through networks of independent distributors is big business, and perhaps nowhere more so than in Utah, notwithstanding fervent criticism of some of its practices.

“This is the hub of direct selling in America,” said Aaron Garrity, CEO of XanGo, the colorful Lehi company (more…)

Below is the pathetic offering provided as a supposed news story by The Deseret News regarding the charges and fines of $8 million against Zions Bank for ‘money laundering.’ The story came two days after the public announcement of the fines by two government agencies and a front page major headline and detailed story in the Salt Lake Tribune.

The close ties to Zions Bank by both the LDS Church and The Deseret News are well known, and for the sake of journalistic integrity one would think that the Deseret News would have made a better effort to cover the issue objectively. But NO, it tried to hide it and tried to downplay it, and in the process showed that the new ‘corporatized’ de-journalized Deseret News is apparently going to rely on ‘faith-based’ reporting out of the same mold the church deals with its own history.

(The extensive reporting of the case by the Salt Lake Tribune is posted elsewhere on this blog.)

The Deseret News Headline

Zions Bank fined $8M in lax wire transfers case
By Chi-chi Zhang
Associated Press

Published: Monday, Feb. 14, 2011 3:57 p.m. MST
SALT LAKE CITY — Utah-based Zions Bank has agreed to pay $8 million to settle allegations it failed to monitor billions of dollars’ worth of illegal wire transfers.

The federal Office of the Comptroller of the Currency said Monday the violations occurred in 2006 and 2007, when the bank opened a new wire transfer business but failed to meet anti-money laundering regulations.

The Financial Crimes Enforcement Network cooperated in the investigation. It says Zions failed to report 132 cases of suspicious activity worth about $12.3 billion in transactions that it says may have involved drug trafficking accounts.

Zions hasn’t acknowledged or denied the allegations.

The bank has offices in 10 Western U.S. states. It closed its foreign correspondent banking business in 2008 and has agreed to pay an $8 million lump sum penalty fee.

That’s all folks. We got five paragraphs from the Deseret News downplaying the potential laundering of $12.3 billion dollars. Because of rules and regulations regarding banking and because a couple of federal agencies actually performed their public duty we now know that Zions Bank was involved in at least 132 transactions (potential money laundering) in amounts that totalled $12.3 billion dollars.

What the public still doesn’t know, and good journalism should pursue it, is who sent what to whom and for what purpose? These numbers are so big that most of us don’t take the time to do the math. We just know it’s a helluva lot of money. Also, the public may be able to put together the pieces a lot better than a few regulators who don’t understand the connections between names and entities. Names please! Who are these guys?

Let’s do the math—132 transactions totalling $12.3 billion amounts to nearly $100,000,000 each transaction. Now, this isn’t small (more…)

By Paul Beebe

The Salt Lake Tribune

Published: February 12, 2011 09:15AM

Two federal agencies have slapped Zions Bank with multimillion-dollar civil penalties for failing to monitor suspicious wire transfers of billions of dollars related to transactions that may have involved drug trafficking and other crimes.

The Office of the Comptroller of the Currency on Friday said it imposed an $8 million penalty against Zions for shortcomings in its anti-money laundering controls — violations of the Bank Secrecy Act and the USA Patriot Act.

Oh these damnable regulations! They are such a nuisance. How can we hide money laundering if we have to be regulated? Well, maybe the regulators will be asleep at the switch. Maybe the regulators will be understaffed and not get around to us. Maybe our political contributions will keep us out of jail! Maybe our white shirts and ties and memberships in all the right clubs and churches will throw them off the track! This is our business and it is none of their business. Why do we have to put up with these intrusions of government? Don’t they know our God is Laissez Faire and (more…)

Column by Walter Williams published in Deseret News

A killer agency: The invisible victims of the FDA’s slow processes

Published: Friday, Feb. 11, 2011 12:00 a.m. MST

Sam Kazman’s “Drug Approvals and Deadly Delays” article in the Journal of American Physicians and Surgeons (Winter 2010), tells a story about how the U.S. Food and Drug Administration’s policies have led to the deaths of tens of thousands of Americans. Let’s look at how it happens.

During the FDA’s drug approval process, it confronts the possibility of two errors. If the FDA approves a drug that turns out to have unanticipated, dangerous side effects, people will suffer. Similarly, if the FDA denies or delays the marketing of a perfectly safe and beneficial drug, people will also suffer. Both errors cause medical harm.

This column by very conservative columnist Walter Williams provides a good example of the continual tug-of-war between the values of regulation and deregulation. It is always a constant battle between the rigid regulationists and the extremist deregulationists. The ultimate goal should be to arrive at the perfect center, where there is not too much regulation that destroys initiative and yet there is enough regulation to protect the public.

It is a challenge not only within the Food and Drug Administration, but that tug-and-pull exists in every regulatory agency.

There are extremes on both sides of the regulation philosophy and generally speaking we have arrived at the sensible middle in most cases. The agencies go through swings when extremely conservative presidents like George W. Bush stacked all the agencies with ultra-deregulationists and opened the floodgates of laissez faire philosophy in all aspects of government.

Forming an opinion of this column by Williams will give you a hint about where you stand (more…)