 So what are the good stories about why we have regulation? The good stories are as follows. First of all, just status quo bias. Things are great the way they are. They shouldn't change ever. In the book, I've got a picture of the old Waldorf Astoria Hotel, which is a gorgeous building. It was torn down in 1929 to allow the construction of the Empire State Building, which is even better. Why assume that when people tear down old buildings, they're going to build something worse?