> It doesn't matter how long your regulatory rules run. If people can abuse, get around, bribes, they will. You're assuming that "the rules" would produce good

> It doesn't matter how long your regulatory rules run. If people can abuse, get around, bribes, they will. You're assuming that "the rules" would produce good outcomes if only we could get people to obey. That's not likely. Since the rules are produced by a political process, that assumption seems suspect. Even if it's true, you're assuming that rules makers can get it right, which is highly unlikely. Regulation is systemic risk.