There are some who say they want a totally deregulated business environment. I don’t see how that is possible. I say that because some business decisions (cut corners on underwater oil drilling, create derivative financial products around probable bad mortgages) create collateral damage that the business has not, and cannot, account for. The accounting system (GAAP) has huge holes in it. The cost of an environmental disaster such as we’re encountering in the Gulf could not have been costed when that drilling platform was sent to do its work. The economic fallout (frozen credit markets, bankruptcies, unemployment) could not have been costed when CDOs and CDSs were created. How do you value such calamities? If you could give it a wild-ass-guess, you’d never drill for oil or create new financial products – innovation would grind to a halt. However, when things do go wrong, somebody has to pay to clean up the mess. And the only “somebody” that can is the taxpayers, through the proxy of government. And, because the taxpayers generally foot the bill when things go really wrong, the taxpayers have a right, an obligation really, to create regulations to try and avoid those disasters from happening again. That is the reason I think a truly, fully deregulated business environment will never be practical. And that is the reason I can’t subscribe to pure laissez-faire free market economic theories, as much as it appeals to me for other reasons.