Regulation Failure Quotes
Not all police take bribes from drug dealers and operators but many do. Of the minority who are corrupt, the drug dealers are the source of most of the money.
This is an interesting quotation because it shows that utilities and monopolies using their power and money to avoid effective pro consumer regulation is nothing new and was ongoing as soon as there were government granted monopolies that were supposed to be regulated.
This was a very important quotation because Cox was a strong advocate of deregulation and voluntary regulation, and that is why he was appointed to head the SEC by George W. Bush. He was the leading Republican expert on Regulation of the Stock Markets and sale of public securities. However when the Meltdown of 2008 hit, it was clear to all but the extreme ideologues that some Federal regulation was necessary. Nonetheless, it took several years to reform the regulations for the financial industry with the Banks and Wall Street fighting it all the way and by that time the Republican Party had been so dominated by ideological conservatives that the views of Cox and others no longer had much influence. They fought the Dodd-Frank reforms to go preserve self regulation to a great extent.
