This argument is pointless.
It's always big government vs. small government.
We have to *first* establish that this will be smart government, not incompetent government. You can build up all the regulations, all the agencies, all the oversight you want - it doesn't matter!
Does anyone here have any faith in our elected representatives to set up smart government? Both sides of the aisle were blindsided by the financial collapse.
IMO, you're very naive if you believe that. Anyone that's been in business long enough realizes that each day there are arguably hundreds of things that people in positions of leadership ignore to the potential disaster of others. This is as true for private as it is public enterprise.
The American culture simply promotes the most tactical, cheap, easy way out. When the best way is misaligned with the most profitable way, "accidents" happen. Every industry, from healthcare to manufacturing, is so fraught with ignored regulation. The beauty of the American system *used* to be the ability to fail and fail fast. Try, fail, improve and try again. Too big to fail has destroyed commerce in this country, like a vine in the garden that destroys all the other plants when you try to rip it out as it takes everything else with it.
The whole mindset of American business, and citizens for that matter, is that this second is all that matters. "Get it done!", in a vacuum with no consideration for the future. No amount of intervention, government or otherwise, will correct this.
The trouble I have is that I know government isn't the answer. I also know private enterprise isn't the answer. What's left? In my mind, we need to go back pre-Jack Welch, to a time when the par value of a share wasn't the entire motivation behind one's actions. What we need is a change of perspective, something that I believe will only come when it's far too late.
Why we're all beholden to company's like Halliburton is beyond me. "Oh, but they provide all the R&D dollars!" is probably the most likely excuse. Bullshit. It's the same bullshit as it is with the auto industry, healthcare, financial, etc. Too big to fail baby. Too big to fail.
If we can't fail fast, we can't have a free market that is nimble enough to respond to a market's needs.