Toxic Time Bomb in Elmira

[ijmorlan]

From in town, where there is land so contaminated that even across the street from the central transit station, the land value is negative, to the tar sands, to even Lac-Mégantic, corporations which place the risk of harm on the public and are effectively subsidized are the norm, nor the exception.

To drive a car, I must carry insurance to cover the liability of the more or less worst possible case if I make a mistake.  But MMA...the subsidary which operated the train in the Lac-Mégantic disaster was not required to be bonded or insured for a disaster on the scale of the one that occurred. It is now bankrupt and the losses that occurred...while irreplaceable in many cases, will not be compensated for.  The companies which owned and benefitted from the LLC continue to operate, having successfully divested themselves of the risk of operating freight trains carrying dangerous cargo without proper maintenance.

But I guess stronger regulations would just be "red tape".

Indeed! It’s interesting that the same people who blather on about free markets and want government subsidies removed from important public services act as if they do not understand that cleanup costs are part of the cost of the outputs of the business. If costs to operate safely mean the business cannot continue, then the business was already bankrupt; any profits are really the proceeds of a fraud perpetrated on all those who are negatively affected by the pollution and other externalities caused by operation of the business.

Fair markets, not “free” markets.