The kind of tort litigation that Bahnsen laments is NOT a centuries-old feature of the common law. Just the opposite. The common law comes from England, which adheres to the ancient "loser pays" rule, often called "costs follow the event," which mandates that the unsuccessful party in civil litigation must pay the winning party's legal fees. That is the rule in most of the civilized world.
While American colonies initially followed the English common law rule, the shift away from fee-shifting solidified in the early-to-mid 19th century. It's literally called the "American Rule." With that perverse incentive structure, the American tort system has lost its way:
I get multiple notifications annually regarding some sort of class action lawsuit where some law firm gets a 7 or 8 digit lawsuit about a dubious transgression and where my payout is nominal.
You waste my time reading this article to end up agreeing there should be Tort reform. So I guess the point was to bash Bahnsen because he did a takedown of a prior piece?
OK. It's a problem: Big Finance, Big Business, Big Government. And I'd say that nobody has a clue what to do about their power, whether it's politicians, experts, or financial journalists.
The economic battleground of the next 5-10 years centralized vs decentralized. Across all industries. Centralization leads to serfdom for the vast majority of humanity. Decentralization leads to a new golden age. Hopefully the US chooses wisely.
Sensational column. Could have been titled “On the Goring of Oxen”. Look forward to the one I hope Oren will write on “The Care and Feeding of Useful Oligarchs”. It’s become a special area of strength in the current administration.
It's hard to take peripheral issues like this seriously in the midst of the mind numbing corruption of Don's family. Which is more destructive to our economy long term?
The willingness of elites in the "new" right to remain silent over the obvious corruption of the founder and intellectual lodestar of their movement exposes two things. One, their intellectual dishonesty and lack of seriousness. Two, that their support of Don isn't remotely issue based, it's all about access and money. Oren dares not utter a peep about the corruption, lest he be cast aside. Lotsa gravy bein ladled on the ole Trump Train...
The kind of tort litigation that Bahnsen laments is NOT a centuries-old feature of the common law. Just the opposite. The common law comes from England, which adheres to the ancient "loser pays" rule, often called "costs follow the event," which mandates that the unsuccessful party in civil litigation must pay the winning party's legal fees. That is the rule in most of the civilized world.
While American colonies initially followed the English common law rule, the shift away from fee-shifting solidified in the early-to-mid 19th century. It's literally called the "American Rule." With that perverse incentive structure, the American tort system has lost its way:
https://www.kcic.com/trending/feed/the-us-tort-system-is-a-dangerous-place/
I get multiple notifications annually regarding some sort of class action lawsuit where some law firm gets a 7 or 8 digit lawsuit about a dubious transgression and where my payout is nominal.
You waste my time reading this article to end up agreeing there should be Tort reform. So I guess the point was to bash Bahnsen because he did a takedown of a prior piece?
The point is consistency. Oren believes in legal regulation and financial market regulation.
Bahnsen wants financial markets to be free but legal ones to be constrained.
If it's good for the goose...
OK. It's a problem: Big Finance, Big Business, Big Government. And I'd say that nobody has a clue what to do about their power, whether it's politicians, experts, or financial journalists.
The economic battleground of the next 5-10 years centralized vs decentralized. Across all industries. Centralization leads to serfdom for the vast majority of humanity. Decentralization leads to a new golden age. Hopefully the US chooses wisely.
Sensational column. Could have been titled “On the Goring of Oxen”. Look forward to the one I hope Oren will write on “The Care and Feeding of Useful Oligarchs”. It’s become a special area of strength in the current administration.
It's hard to take peripheral issues like this seriously in the midst of the mind numbing corruption of Don's family. Which is more destructive to our economy long term?
The willingness of elites in the "new" right to remain silent over the obvious corruption of the founder and intellectual lodestar of their movement exposes two things. One, their intellectual dishonesty and lack of seriousness. Two, that their support of Don isn't remotely issue based, it's all about access and money. Oren dares not utter a peep about the corruption, lest he be cast aside. Lotsa gravy bein ladled on the ole Trump Train...