We all know of regulations on the books that seem meaningless. Perhaps the reason we feel this way is that without enforcement, it's true. They serve no purpose other than to take up space in a file drawer somewhere. We've seen examples of this recently in the Wall Street debacles and the disasters in deep water oil drilling.
Some advocates for less regulation say that there is too much red tape. They miss the point. What we need is good regulation with some teeth. Without follow-through, regulations are just red tape that secure nothing.
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