The free market can regulate itself

[Screw_Michigan]

http://www.washingtonpost.com/wp-dyn/co ... id=topnews

Senate report: Avandia maker knew of cardiac risks

By BARBARA ORTUTAY
The Associated Press
Saturday, February 20, 2010; 5:21 PM

NEW YORK -- A Senate report said Saturday that drug maker GlaxoSmithKline knew of possible heart attack risks tied to Avandia, its diabetes medication, years before such evidence became public.

Sen. Max Baucus, chairman of the Senate Finance Committee, and Chuck Grassley, the committee's ranking Republican, released the report, which follows a two-year inquiry, on Saturday. They are also asking the U.S. Food and Drug Administration why it allowed a clinical trial of Avandia to continue even after the agency estimated that the drug caused 83,000 heart attacks between 1999 and 2007.

The agency ordered a warning to be included on Avandia's label in 2007, saying that it might increase the risk of heart attacks, though the data on those risk was inconclusive.

Soon afterwards Sen. Grassley, one of the FDA's toughest critics in Congress, disclosed that the agency's internal safety experts came within one vote of recommending a withdrawal of Avandia.

The Senate report suggests sharp disagreements remain at the FDA over how to handle Avandia's risks.

In a letter to FDA Commissioner Margaret Hamburg that was also released Saturday, the senators said the committee's report was based on researchers' studies of Avandia, internal GlaxoSmithKline documents and FDA documents. They said committee investigators had interviewed GlaxoSmithKline and agency employees as well as what it called anonymous whistleblowers.

Based on its knowledge of the heart attack risks, GlaxoSmithKline "had a duty to sufficiently warn patients and the FDA of its concerns in a timely manner," the report said.

Instead, the company tried to downplay findings that the drug could increase cardiovascular risks while also working to downplay findings that a rival medication might reduce such risks, it said.

GlaxoSmithKline said in a statement the drug is safe. It said the committee report took data out of context from analyses of Avandia.

In May 2007, the New England Journal of Medicine published an analysis of dozens of studies on nearly 28,000 people who had taken Avandia. The journal said there was a 43 percent higher risk of heart attack for those taking Avandia compared to people taking other diabetes drugs or no diabetes medication. The findings raised concerns because two-thirds of the people with Type 2 diabetes, the most common form, die of heart problems.

[JMak]

Fucking moron...first, the market in which Glaxo was operating is not free; second, the regulatory authority in this market approved the use of the drug; and third, the regulatory authority fucked up. WTF is wrong with you, fuckhead?

Your story here is one that cuts against government intervention because it once again demonstrates that the government failed to perform the regulatory function that you and others desperately believe that it can and should.

Facefuck a log-hauler, jerkstick.

[Doug near DC]

[Screw_Michigan]

Facefuck a log-hauler, jerkstick.

That's a new take. Rack that.

[Derron]

Facefuck a log-hauler, jerkstick.

That's a new take. Rack that.

Maybe the concept of a " new take" is over your head ?

[PSUFAN]

More in the "free market can regulate itself" category

http://www.propublica.org/feature/offic ... illing-426

[JMak]

Pussy, that's another example of government failure. Notice that your article, albeit buried, states that the industry won rare exemptions from federal law. Yet another example of the federal government unable to exrercise the regulatory authority it granted itself in the first place...

You, too, can face-fuck a cement truck...hopefully sooner rather than later, bitch.

[Tom In VA]

Damn JMak, chill out dude.

There IS no such thing as a PURE Free Market. People will find ways to make it not so "free", and they have. That's why the pendulum has swung so far in the over-regulated category.

The sweet spot is somewhere in the middle. As always. It's probably pink, and moist, too.

[Screw_Michigan]

What about warm, Tom?

[Tom In VA]

What about warm, Tom?

Preferred but not always a requirement.

[JMak]

Fuck that, Tom. Maybe you and I are the only ones here that recognize that the market aint truly free. But these idiots want to believe it is to make an absolutely absurd point. And in doing so completely miss the obvious point that the regulation that so desperately demand is what failed in both cases here...

They fucking suck, much like Michigan-fucking-State these days...

[LTS TRN 2]

Weasel, the notion that "the market" has any volition of its own--and will thus act on its own in whatever degree of regulation--is absolute categorical bullshit. There is in fact no "market" occurring in any sense that is anything but the specific actions of specific people. The trope of the "the market" functioning as though it's a river or some natural entity occurring on its own is simply an absurd canard used by rapacious thieves--they who installed the dithering puppet Reagan and the "neoliberal" policies of the 19th century plutocrats--and who continue to spout such inane drivel to the soft brained like yourself. You have obviously learned to parrot this nauseating idiocy by dutifully listening to Rusp Limpdick and similar frauds. And of course you can't actually defend, define, or even describe anything that's actually occurring--or how it got that way. Instead you have the default approach of simplistically carping about any regulations of corporate behavior, while cheerleading their efforts. Surely you are the saddest sack of shit on this palsied forum. And the stupidest.

[Dinsdale]

And the same "more regulation" tards will inevitably cry out for "tort reform" -- if the court system worked properly, Glaxo would now be owned by those they wronged...

Starting to figure out how the real "free market" works, commies?

[JMak]

LTS, you stupid fuck, your "takes" command zero credibility or interest given that you insisted, multiple times, that I was Lillian Vernon.

Swallow a meat hook, stinkhole.

[LTS TRN 2]

If that was a chick, she needs as much help as you-- I mean she sputters...just like a weasel, and she carps...just like a weasel, and she squats to pee...just like a weasel...but--you're telling me--she plays with an actual twat...

Whatever, splayed squarely upon the scrapheap of historical disgrace is the entire "let the market decide" school of fools and crooks, from Ayn Rand to Friedman and Greenspan, as well as the obese deaf hillbilly heroin clown and the Mormon game show preacher..

[BSmack]

And the same "more regulation" tards will inevitably cry out for "tort reform" -- if the court system worked properly, Glaxo would now be owned by those they wronged...

That really would help out the people who died.

[Dinsdale]

[
That really would help out the people who died.

You're a fucking idiot.

I'd go into more detail as to the "why" you're an idiot... but would we really be covering any new ground?

[Derron]

If that was a chick, she needs as much help as you-- I mean she sputters...just like a weasel, and she carps...just like a weasel, and she squats to pee...just like a weasel...but--you're telling me--she plays with an actual twat...

Profile information should not be disclosed unless you are prepared to pay the price for such disclosure, you bloody twat.

[mvscal]

Who, exactly, is making the claim that the free market can regulate itself? Names?

[Derron]

[
That really would help out the people who died.

You're a fucking idiot.

I'd go into more detail as to the "why" you're an idiot... but would we really be covering any new ground?

Watch out here Dinsdale...your fucking with a "self proclaimed" business man..he has got to be one ruthless son of a bitch...not likely he is going to answer questions or engage in a dialog.

[LTS TRN 2]

Who, exactly, is making the claim that the free market can regulate itself? Names?

Alan Greenspan (now disgraced and silent)

Milton Friedman (disgraced, dead, silent)

Now, add the names of every single neocon hack and Reganite clown that's helped fuck up the world economy pretty much since right when the Gipper got in the White House.


As usual, Avi, you're wandering around wondering which sinking ship to board.

[mvscal]

Who, exactly, is making the claim that the free market can regulate itself? Names?

Milton Friedman (disgraced, dead, silent)

WRONG. I've read Friedman. You obviously haven't and are, as usual, talking straight out of your gaping, freshly fist-fucked ass.

From Capitalism and Freedom, Chapter 2, The Role of Government in a Free Society:

The role of government just considered is to do something that the market cannot do for itself, namely, to determine, arbitrate and enforce the rules of the game. We may also want to do through government some things that might conceivably be done through the market but that technical or similar conditions render it difficult to do in that way. These all reduce to cases in which strictly voluntary exchange is either exceedingly costly or practically impossible. There are two general classes of such cases: monopoly and similar market imperfections, and neighborhood effects.

.....

A second general class of cases in which strictly voluntary exchange is impossible arises when the actions of individuals have effects on other individuals for which it is not feasible to charge or recompense them. This is the problem of "neighborhood effects". An obvious example is the pollution of a stream. The man who pollutes a stream is in effect forcing others to exchange good water for bad. These others might be willing to make the exchange at a price. But it is not feasible for them, acting individually, to avoid the exchange or to enforce appropriate compensation.

I'd say this is a rather conclusive demonstration of your complete ignorance. You know nothing.

[LTS TRN 2]

No, it's a conclusive example of weaseling on Friedman's part--as he'd been forced to do since the 1970's--backtracking and revising his libertarian/Republican edicts just a bit--always a caveat or disclaimer. Bottom line, he was Reagan's point man in fostering and initiating the neoliberal nightmare that has led directly to the world wide economic meltdown of greed and shortsighted criminality--which is still to hit bottom.

Sure, if he was alive he'd be in shock just like Greenspan. And he'd probably roll out some clever professorial bullshit, like Geitner, Paulson, or Bernanke, and just go on desperately pretending. Sort of like you, except with a job.

[mvscal]

No, it's a conclusive example of weaseling on Friedman's part--as he'd been forced to do since the 1970's--backtracking and revising his libertarian/Republican edicts just a bit--always a caveat or disclaimer.

Capitalism and Freedom was published in 1962, idiot. And, yes, there are always caveats for the simple reason that no two situations are identical and even the same situation has differing impacts on different individuals (see PSUFAN's link above). No doubt ignorant simpletons such as yourself prefer one size fits all, cookie cutter solutions but the real world and the real market doesn't really lend itself to simple solutions.

In any event, you have been caught out in yet another blatant lie and pounded like a tent peg. The fact that you don't know what the fuck you're talking about is the main point here.

[LTS TRN 2]

Who are you and what have you done to Babs/Avi/Jessup? Seriously, your mewling baby fart of a post is a disgrace and hardly worth a reply.

Friedman was in fact such a rapacious piece of shit that after initially opposing the Iraq invasion he reversed his position on the pretext of forcing the "neoliberal" policies on the crushed and restructured nation.

He and Greenspan used all of their power to initiate the exact degree of all-but-complete deregulation that has led straight to the international economic meltdown.

For example, the "derivatives" used to essentially bet on the stability of Greece are precisely the sort of instrument for which Greenspan argued passionately to keep legal--upon which to base the growing economy (of a few years ago).

Milton Friedman and Alan Greenspan, as well as the other "let the unregulated market work" insanity should be properly acknowledged as the fatuous frauds they were and are. And despite hacks like Rusp Limpdick--and parrots like you--they will go down in proper disgrace.