More Evidence As to the Necessity of Regulations

I do admit you can over regulate, so there has to be a balance.

But you cannot do without regulation as I have stated before and Paul Krugman summarizes as follows:

"Item: The C.E.O. of Volkswagen has resigned after revelations that his company committed fraud on an epic scale, installing software on its diesel cars that detected when their emissions were being tested, and produced deceptively low results."

"Item: The former president of a peanut company has been sentenced to 28 years in prison for knowingly shipping tainted products that later killed nine people and sickened 700."

"Item: Rights to a drug used to treat parasitic infections were acquired by Turing Pharmaceuticals, which specializes not in developing new drugs but in buying existing drugs and jacking up their prices. In this case, the price went from $13.50 a tablet to $750".

"In other words, it has been a good few days for connoisseurs of business predators."

"No doubt I, like anyone who points out ethical lapses on the part of some companies, will be accused of demonizing business. But I’m not claiming that all businesspeople are demons, just that some of them aren’t angels."