Additionally, as Investors Business Daily points out, we have "regulation without representation." As the article explains:
* Regulatory agencies enact more than 3,500 new regulations in an average year.
* A new federal rule hits the books roughly every two hours, 24 hours a day, 365 days a year.
* Regulation without representation is a major reason why the Code of Federal Regulations has ballooned to 157,000 pages and counting, making it far more difficult to do business and slowing economic recovery.
* The total cost of federal regulations last year was over $1.75 trillion.
* Every year, about 200 major rules hit the books -- these are defined as regulations that cost more than $100 million per year.
* In 2010, there were 224 major rules at various stages at the agencies.
Taken together, they cost businesses and consumers a bare minimum of $22.4 billion.
Considering all this, do you think the quote is correct?
"Regulation -- which is based on force and fear -- undermines the moral base of business dealings. It becomes cheaper to bribe a building inspector than to meet his standards of construction. A fly-by-night securities operator can quickly meet all the S.E.C. requirements, gain the inference of respectability, and proceed to fleece the public. In an unregulated economy, the operator would have had to spend a number of years in reputable dealings before he could earn a position of trust sufficient to induce a number of investors to place funds with him. Protection of the consumer by regulation is thus illusory." ~ Alan Greenspan