My hat off to you Mike.
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A couple of points here...Originally posted by Big James
WOW! I just saw someone from UCLA call another person a socialist, and think it was a bad thing! It looks like their is still some sort of hope out there! LOL!!!!
Anyway, as for the lawsuit topic, it is very simple to stop frivilous lawsuits. Go to a loser pays system. If you sue a company, and you lose, you pay their legal costs.
Rick you are missing my point, which is the waiver doen't change anything. Even with a waiver, insurance is still needed; costs to do not change. So prices are not "higher" without the waiver, they are the same. And you are right, the answer to frivolous lawsuits will come only when they are no longer successful (again my point exactly).Our UCLA friend still wants us all to shoulder the cost of litigation through "insurance" (translate "higher prices"), so at heart he's still a .... (fill in the blank)...
Big James, I'm from UCLA not CAL.WOW! I just saw someone from UCLA call another person a socialist, and think it was a bad thing! It looks like their is still some sort of hope out there! LOL!!!!
Let me see if I can make this real simple. You take all the money involved in product liability litigation - awards, attorney fees, court costs, lawyer fees for drawing up paperwork like waivers, administrative fees and salaries for all those insurance workers who maintain the policies to cover the product liability portion, wages paid while workers aren't working but litigating... all of it. That cost is added directly to product costs. Directly. It raises prices directly. The best and most obvious example is the light airplane - a Cherokee 140 for example, which went from $8,000 to $80,000 in less than a decade - inflation of direct manufacturing costs accounted for about $6K of that - the rest was to cover liability after an insane "crash survivability requirement" verdict rendered every crash a litigation cash cow, regardless of cause. If I could opt out of the litigation game I could have the airplane for $20K today instead of 120!Originally posted by ucladiver
Rick you are missing my point, which is the waiver doen't change anything.