Regulation is a practice that is imposed when market forces fail. I'm moving into the whole argument about the Bank Act regulation of banks in Canada; clearly you're aware of it. There are aspects of provision of financial services that are a fundamental need, and one might say a right, of all Canadians—aspects of access to financial services that are constrained, with the current commodification of resources. By commodification, I mean replacing banks with the name of the bank on a number of machines around town, conveniently located--convenient to the banks--in terms of cost reduction and the reallocation of resources.
On March 22nd, 2007. See this statement in context.