Over the years I’ve become disenchanted with government regulatory agencies, the FTC included. In some regards I wondered why the agency even existed, as I see many of the interventions in the free market going after perceived monopolies, or companies that had grown organically to such a size that they controlled such a large portion of the market.
I asked myself; “if a company is able to seize a large market share because so many people have voted with their own dollars to purchase goods or services from them, then why does that make them bad?”
An interesting book to read on this topic would be; “How Capitalism Saved America” by DiLorenzo. When President Obama put forth his budget, he asked Republicans and Democrats alike to send in suggestions of where they could cut more money from the federal budget. Therefore, I hereby recommend that we close the Federal Trade Commission or FTC. Indeed, we should close this agency to save the taxpayer’s money, because it is clear that it is no longer needed.
For a very long time, I’ve noted that the FTC was put in charge of things like SPAM, identity theft, and even telemarketing. Last time I checked I’m not any safer from identity thieves, I’m still getting slammed with SPAM in my inbox, and I have to be careful answering the phone to make sure whoever’s calling me has a caller ID that I recognize, in other words I still get telemarketing calls. And that my friends is on the consumer side of things.
If this little agency of the Department of Justice, the Federal Trade Commission, cannot do any better than that, then why do we need them? Additionally, there has been a new consumer agency formed in the financial sector, which apparently is somewhat of a duplication in many regards. And although the new agency says that they will not duplicate or cause double jeopardy with their investigations, I ask why do we need the FTC?
And lastly, not long ago there was a great article in the Washington Post entitled; “Plan for National Gallery of Art Annex Gains Traction” by Jacqueline Trescott, which was published on February 17, 2011. In the article it stated; “A proposal to give the National Gallery of Art more space by opening an annex across the street in the Federal Trade Commission’s historic headquarters has moved closer to reality.”
Okay so, not only do we no longer need the Federal Trade Commission, but we even have something to take its place when we move that agency out of the building and close it to save the taxpayer’s money. Great, all the problems are solved then, let’s close the FTC, and not think twice about it, they are not needed. This is my professional opinion after studying the FTC for 20 years. Please consider all this.