The giants in Corporate America have done a masterful job of selling to the news media and to the public the myth of too much government regulation. It’s been that government overregulates businesses in the U.S. Based on our law firm’s involvement in litigation, and my personal observations, I can tell you that nothing can be further from the truth. In fact, a prime example of inadequate regulation is the fact that one in five new drugs – that had been approved by the FDA – had to be removed from the market or receive a black box warning after FDA approval. None of the industries listed are over-regulated: the oil industry, the automobile industry, the drug industry, the medical device industry, the chemical industry, the supplement industry, and the tobacco industry.
I can say – without reservation – that none of these industries receive even adequate regulation. Recent events such as the BP oil spill in the Gulf of Mexico, the Vioxx debacle, the cover-ups of known safety defects by Toyota and General Motors all drive home that point extremely well. The public should realize by now that the federal government did a very poor job of regulation in each of those instances and the companies involved took full advantage of it. While the giants of Corporate America have profited greatly as a result of poor regulation, the public has suffered greatly from a safety perspective. That must change. In the meanwhile, the court system – which has been under constant attack by the same groups that have successfully sold the myth of too much regulation – must remain open and independent. The availability of the civil justice system is an absolute necessity and quite often the only thing that gives ordinary citizens a chance when disputes with Corporate America arise.
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