How the new bid to reform patent law will kill jobs – 09/03/2011

For Your Meditation (FYM)

http://finance.fortune.cnn.com/2011/09/02/how-the-new-bid-to-reform-patent-law-will-kill-jobs/?iid=HP_River

“Why is this happening? The answer is that five to 10 years ago, patent litigation was growing more rapidly and scared many big firms into creating industry groups to lobby congress to “fix it.” IT firms and pharmaceuticals butted heads for years and ultimately they compromised on this bill. It does not benefit either of them very much — nor anyone else, but their lobbying groups, such as the Coalition for 21st Century Patent Reform want a victory to justify their existence. In fact, during the intervening years, many major court decisions have occurred which have incrementally solved most of the problems that existed when those groups were formed … but they developed a life of their own. Their corporate members have an average company age of about a century and have been net exporters of jobs
So congress is putting the interests of the job exporters ahead of the job creators … all due to the fact that the job creators have had no voice in this process and are still unaware of what’s about to happen. Nor do they have the resources to hire lobbyists or make campaign contributions. Not a single inventor nor startup was invited to testify before the Senate on this in the past six years of hearings. This was not an accident.
If the bill is passed, it is unlikely to be undone. Sarbanes-Oxley has proved that point. Despite destroying billions of dollars of value, it’s still there nine years after it passed the Senate 99-0-1. As Walter Lippmann once said: “When all think alike, few think very much.” Let’s hope the Senate will think again … or for the first time.”

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