> Markets require regulation, whether it's in the form of contract enforcement or setting standardized terms for communication in the market. Any time there's

> Markets require regulation, whether it's in the form of contract enforcement or setting standardized terms for communication in the market. Any time there's a power differential, we need regulation. I don't disagree with this, but I strongly believe there are better paths to regulation than most of what we see today. In particular, you get a very long way by regulating founding principles -- Transparency, Access, Anti-Collusion. The problem with a lot of regulation and regulators is they become a party to the market. This creates a whole lot of issues. A lot of the regulation then is designed to protect the market as an entity, rather than the consumers.