In response to:

Keeping Business Honest

Eli17 Wrote: May 23, 2012 12:15 PM
Also please explain to me how if government regulation is the answer, we still have problems. We also seem to hear that we need more of it. There's never enough. The FED was supposed to prevent financial panic yet it oversaw the greatest panic(s) our country and the world has ever seen. How much regulation is enough and when does the economic cost of regulation overcome the perceived benefit of it? And in light of all the issues that still arise, does it actually work?
Instinctively, we look for people's motives. We need to know whom we can trust and whom we can't. We're especially skeptical of business because we know business wants our money.

It took me too long to understand that business's desire for profit is a good thing. To get our money, businesses -- if they can't look to the government for favors -- need to give us what we want. Then they must make continuous improvements and do it better than the competition does.

That competition is enough to protect consumers. But that's not intuitive. It's intuitive to assume that competition isn't...