IMO gnaritas lacks the understanding I'm sure we both share in his reply to this message:

That con men don't disappear with regulations. They simply become regulators and monopolists.

> The mistake in your argument is assuming people are good

So let us give control over some people, to others! That fixes the problem with the human condition (http://en.wikipedia.org/wiki/Human_condition)...

> without oversight innovation isn't the result, scams are, by the truck load.

I'd take thousands of small, grassroot scams, that can be corrected through communal means (boycotting and community awareness) than by one huge one. If the Fed sanctions a pharmaceutical drug that kills thousands, is that worse than a few peddlers selling whatever drugs they want like what currently exists under the nose of the Fed? If you ask me, some illegal drugs are less harmful than legal ones! And that's pure free market with a dash of mafiosa government resistance (guns, extortion, other things to become powerful to fight the powerful).

> For every innovator freed by lack of regulation thousands of con men exist that'll flood the market with crap that hurts people, far more than any possible innovation is likely to save.

And yet, while the FDA didn't exist in the centuries preceding 1906, the formation of the FDA, we see innovations saving lives, and more and more people living meaningful existences. I doubt any community of people would be stupid enough to continue to consume harmful chemicals to degree that harms more than of it harms us now. These organizations exist, yet childhood obesity is the highest it's ever been. Americans consume alcohol, tobacco, fast food, and drugs live they always have. These things haven't be struck a blow one bit by regulation. They've simply become more expensive, and the big man in town takes their cut.

> Lessening risk is far more important than not stifling innovation because the simple indisputable fact is that bad people vastly outnumber innovative people.

Big red flag that we're not arguing with someone logical. "Bad people"... Like who? The Nazis? Or maybe the Jews? You can use this hatred/disgust/mistrust/contempt/negative energy for so much evil/bad/badder/worse!

Why is lessening risk more important that innovation? We've reduced a tremendous amount of risk in the last 100 years. From labour laws to life expectancy to homicide. Can we please stop feeling like we need bureaucrats to run our lives? I'd love to ask gnaritas whether they would prefer a society with no risk and innovation, or a society with massive risk and massive innovation. Arguing even for the status quo puts you in the more favourable side IMO at the get go.

I also love how they class people as either bad, or innovative, as I'm sure they dream of some sort of utopia where you either create something of worth before the age of 12, in which you would become a part of the ruling, innovative class, or not, in which case you are controlled by that class.

But yes gnaritas you're right. Please pass more laws, more regulations, and create more prisons and fines so we can deal with all of these bad people! In fact, I think I just violated regulation g.r.a. 101 - You cannot challenge the authority of someone who knows whats best for you!