Paul, as you say we need new rules. I just want to say the impulse for new rules without the realization we have too many already has become a big problem. I’m not an anarchist, but I would be doubtful that anyone has ever read all the rules we have already so it’s bound to be too many. It’s very possible that the things you say those companies ought to have are things they do not because of cost incurred by the mountain of rules already in existence.
Reducing and simplifying the existing regulatory framework is, in my opinion, a higher priority than adding more restrictions on top. Just as stopping more and more young people from getting federally backed student loans for classes that will never help them repay the loans is more important than loan forgiveness schemes, or stopping more and more people from moving to the US without permission is more important than amnesty.
Can’t we put out fires before we start the clean up? Isn’t that wiser?