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Philosophically, Will, isn't any regulation the definition of something other than a free market? Any regulation makes it "free except..." Sort of like "a little bit pregnant." At what point does it become Socialist (or Communist, depending)? Protecting Mom and Pop but not "the big guys?" Who shal define the point at which I become a Big Guy?
To clarify, I would make a distinction between criminal law (e.g. stealing) and regulation (e.g. margin requirements).
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