Amazing. The European Union actually responded to criticism. About one-fifth of European produce has to be dumped because it doesn’t mean minimum EU standards, which have nothing to do with health. Under criticism for conducting a jihad against ugly veggies, the EU appears to be backing down–though the vote will be close.
Consider instead that the problems of this mess were caused by the very kinds of government regulation that you now propose. Consider instead that effects of the profit motive that you decry depend upon the incentives that institutions, regulations, and policies create, which in this case led profit-seekers to do great damage. Consider instead that the regulations that may have been the cause were supported by, as they have often been throughout US history, the very firms being regulated, mostly because they worked to said firms' benefit, even as they screwed the rest of us. Consider all of this as you ask for more of the same in the name of fixing the problem. And finally, consider why you would ever imagine that those with wealth and power wouldn't rig a new regulatory process in their favor.
It is incorrect to say that laissez-faire or free markets are unregulated. There is ruthless regulation, but it's not by government ....
When businesses make unwise decisions that lead to bankruptcy, their assets are sold off to someone else who might be able to put them to wiser use. Government bailouts give businesses a reprieve that the market wouldn't give them.
