Hesitant to fully read the last three pages of "Wall of Text",
Don't worry, you're not missing out!
but I just can't see how no regulation at all can be a good thing. Once again it comes down to "Theory" and "Reality".
I don't think anyone is suggesting "no regulation". We've been over this, although perhaps we covered that in the last 3 pages, so I'll give you a break
I think as Outlander has suggested, the biggest reason regulation goes astray is because of conflict of interest.
It's more than just this, though. This is just a variant of the "angels" theory: "If only we had the right people in charge..."
Anther reason regulation goes astray, as Cheeze alluded to indirectly, is the knowledge problem. Hayek won a Nobel for his work on this matter.
Instead of taking part in the democratic process which seeks to eliminate corruption, we gave those in power the keys to the castle and wandered off to our ultra-consumer lifestyles.
I don't think we ever had the keys in the first place. A minor point, not at all worth arguing over, but I just wanted to put my perspective out there so you know where i'm coming from.