We don't need to have religious-like faith in government because we can vote for people who will do what we want them to and we can vote out the people who refuse to do their job. It doesn't happen without the people getting involved and holding their government accountable though. You don't have to pray when you can vote.
Without regulation you could only ever have religious-like faith in private corporations because they have zero incentive to act benevolently and you have zero power to replace a CEO who is acting against the interests of the public. You have no vote, so prayer is all you have left.
Hilarious own goal on this one.
I think this is a textbook slam-dunk by the government? They stepped in when the situation was _bad_, but not _catastrophic_ yet (mmmmaybe arguable), took over, and no depositors got hurt.
Is there an argument that this could've gone better, apart from "no banks ever fail"?
The specific regulator is going to retire. "Abbasi and Mary Daly, president of the San Francisco Fed, came under scrutiny after a post-mortem report undertaken by the Federal Reserve found problems with how SVB was supervised." https://www.msn.com/en-us/money/markets/key-san-francisco-fe...
And through regulatory capture the CEO of SVB was on the board of directors of the regulator!
https://www.reuters.com/markets/us/ceo-failed-silicon-valley...
Voting isn't enough because even elected officials aren't allowed to fire these people.
Another example of regulatory capture leading to inadequate oversight is FDA, which has revolving door with drug companies. https://www.mdlinx.com/article/10-dangerous-drugs-recalled-b...
If I were Boeing, I would hire the fired bureaucrat with a lavish comp package and make sure he's at every meeting, conference, get-together, etc. looking well-tanned and happy.
That makes negotiating with the fired guy's replacement much much easier.
If so, plenty of IoT devices have been used in botnets, as point of entry into local networks (hello printer, home assistant, file share...), or simply killed off with a DoS attack.
I would prefer to plug in a box that does this segment/filter. I will pay if it can be rebuilt from available source code. Make it easy to install and setup. If nobody purchases then nobody cares and why would government get involved? Seems like FCC scope creep.
Forcing every IoT vendor to do it overlooks the problem of each vendor having and maintaining the skillsets.
How about something like UL to create a slim standard and test against that standard. The aforementioned box idea could apply to be tested against the standard.
A slightly bizarre aside.
We trust in government to set rules and punish rulebreakers. When that is not true, do we enact punishment ourselves? Results would be not pretty.
If my ISP charges me for 100 mbps but provides 10, can I enact punishment without government interfering and protecting ISP from my punishment?
ISP does whatever they want without any qualifiers about contract and without any need to go to court.n