Lesson of the Titanic

One hundred years ago today the Titanic sank and due to a shortage of lifeboats 1,500 people froze to death or drowned. Ninety-nine years and six months ago, as a result of the Titanic disaster, the British House of Commons was discussing increased ship regulations and lifeboat requirements. R.D. Holt, a ship owner, was present at the debate and had this say: "Lifeboats for all is one of the most ridiculous proposals ever put forward." Parliament passed the law and required that ships carry enough lifeboats for everyone on board, even if the ship is unsinkable or the passengers are "just" poor immigrants. Thousands of lives have been saved due to these "ridiculous" maritime laws. Millions have been saved by various commercial and industrial regulations. It is easy to complain about "big government" and point the finger at excessive regulation and the lost profits. However, the lesson of the Titanic is that when regulations don't go far enough it is people, not profits, who get hurt.