[extropy-chat] Professor Being Sued Over Anti-Aging Comments

[BillK]

On 6/21/05, Mike Lorrey wrote:
> Actually, private industry consumer protection would be better than the
> FDA. Underwriters Laboratories, Consumer Reports, Insurance Institute,
> and Electrical Testing Laboratories all do their own testing of
> manufacturers products, to their own standards. Consumer Reports
> publishes comparisons, even, so you know which product is better, more
> cost effective, less dangerous, etc. As some of the names above
> indicate, the insurance industry has a vested interest in seeing that
> products are tested. One reason that health costs are rising so quickly
> MAY be because govt regulated drugs are not held to as high a standard
> as they would be if they were privately tested, leading to deaths and
> injuries from complications, drug conflicts, as well as possibly a
> complete lack of real effectiveness.
> 
> Drug companies disparage the FDA NOT because they require too much
> testing, but because they take too long to approve a drug. Time in the
> bureucratic pipeline does not equate to safety or sufficient testing.
> The public would be better served by abolishing the FDA and simply
> requiring a much higher level of testing, performed by third party
> laboratories that establish their own testing standards like UL, ETL,
> CS, and the II do.
> 

The report I quoted was from the FTC. Yes, yet another government agency. :)

The Federal Trade Commission site says:
The Federal Trade Commission (FTC) works to ensure that the nation's
markets are vigorous, efficient and free of restrictions that harm
consumers. Experience demonstrates that competition among firms yields
products at the lowest prices, spurs innovation and strengthens the
economy. Markets also work best when consumers can make informed
choices based on accurate information.

To ensure the smooth operation of our free market system, the FTC
enforces federal consumer protection laws that prevent fraud,
deception and unfair business practices. The Commission also enforces
federal antitrust laws that prohibit anticompetitive mergers and other
business practices that restrict competition and harm consumers.
Whether combating telemarketing fraud, Internet scams or price-fixing
schemes, the FTC's primary mission is to protect consumers.
--------------------------

The $20 million fine was because of fraud, deception and unfair
business practices.
You can't sue for damages if you are dead. Similarly you can't sue for
damages if the fraudsters have closed the company and opened up
elsewhere with a different name and a different scam.

By going the private route of insurance policies and consumer
education you are transferring a vast workload on to every member of
the population. I would much prefer to let a government agency worry
about chasing the bad guys. I have plenty to worry about already,
without having to investigate the truth of every advert or analyse
carefully every future purchase.

The majority of the population are not interested in insurance
policies, consumer reports, science investigations, etc. They watch
the ball game and buy what the adverts tell them to. They are entitled
to do that in reasonable safety. We shouldn't have to live in a world
where every advert is a possible attack by a fraudster and every
product on sale might be a scam.


BillK