Tonight on Fox Business at 9pm ET, I'm surrounded by ... Lawyers. (This FBN show is separate from my Fox News special, "The Battle for the Future" which airs Saturday at 9pm ET.)
Lawyers should act as a “free market check” on illegal activities. Often government doesn’t do that well. Government is clumsy and bureaucrats get corrupted and do favors for the politically connected. In theory, lawyers are a supplement to Adam Smith's invisible hand. They're the “invisible fist.” You behave badly, and the lawyers will pound on you.
In reality, their lawsuits hurt more people than they help.
Superlawyer Mark Lanier will be on the show to defend the lawyers. He’s made a fortune going after companies the bought companies that produced Asbestos, and drug makers like Merck, the makers of Vioxx. He won, and then lost, but even though the FDA says the benefits of Vioxx outweigh the risk, Merck won’t sell the drug because of lawsuit fears. Vioxx is just one of the many things we don’t get because of lawsuit fears.
I'll also report on class action lawsuits (Surprise! The lawyers get all the dough, while the "victims" often get coupons); the devastation lawsuits wreak on small business (remember the dry cleaner sued for $67 million for losing a pair of pants? The suit is still going on, and the owners had to close 2 of their 3 shops.); and whether the system used by the rest of the world could fix things. (You’d be surprised at what Mark Lanier has to say about that.)
That's tonight on FBN @ 9pm ET.