--- "Then it will be stable and foolproof, like Bear Stearns, Enron, Theranos, et al…"
Please don't forget the marvelous Solyndra which was Obama-warrantied to be the future.... And he was right in the wrong way.
Regarding regulation, Milton Friedman said, basically, it starts with the public getting riled up by some perceived Bad Thing. Hearings are held...Industry is raked over the coals. Regulation is proposed and signed into law.
The public goes home.
Bureaucrats realize they haven't a clue how to operationalize the new law. Industry reps are hired to "help" the bureaucrats. In that process, the regulation becomes a barrier to entry and effectively converts consumer surplus into producer surplus with plenty of deadweight loss.
Regulation, in Milton's world, insulates business from competition without protecting the public, at the hands of bureaucrats.
