Megan McArdle: There's also this dodgy belief, fervently embraced by many liberals advocating regulations--"Look, even a big business head who would be regulated believes it's a good idea! It must be!" Au contraire, mon frere. The heads of big businesses often love big new regulatory bodies, because they have the resources to best negotiate a complex regime. The end result of this kind of radical regulation is usually that the big companies capture the regulator and use it to shut out competition.
This is a point that I will be also be making in future posts.