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More financial regulation won't solve our credit problems -- just as tobacco regulations won't end smoking.
Jump to full article: Barron's, 2009-06-29
Author: Editorial Page Editor THOMAS G. DONLAN
Intro: the U.S. is now moving slowly toward the policy that hasn't worked for marijuana, cocaine, heroin and alcohol. Armed with a new law, the FDA says it eventually will decide which chemicals in tobacco smoke should be banned.
For now, the focus is on side issues, such as flavorings, advertising aimed at children, the size of warning labels and the use of the words "light" and "low tar." This form of regulation is largely decorative. Just look at the treatment of menthol cigarettes. Other flavorings have been banned, on the grounds that they make smoking more palatable for children. Menthol, the most popular flavoring, will be assigned for study by a new Tobacco Products Scientific Advisory Committee.
This is a perfect example of James Boren's advice to bureaucrats: "When in doubt, mumble; when in trouble, delegate; when in charge, ponder."
No doubt the FDA will get the message: Congress isn't serious; President Obama is still trying to quit; the tobacco industry will continue to pay lots of taxes and dividends.
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