This notion that each industry knows best how to regulate itself keeps ending us up in one disaster after another.
The most regulated industries in America are banking, medicine, and education. It seems to be doing a good job. Meanwhile internet technology is among the least regulated. Someone needs to do something to ensure a vibrant competitive landscape.
Secondly, you're implying that the correlation between regulation and 'success' in those sectors implies causation between the two. Do you really think that the problem with health care in the US is that it's not regulated ENOUGH? Similarly, correct me if I'm wrong, but are you implying that education should be privatised? And lastly, do you think that the success of internet technology is a result of the fact that it has been less regulated than other industries (I'm not saying that it SHOULD be regulated, I'm just questioning whether or not that is a crucial factor)?
If that was intended only as a joke I understand, however I think it's important to think seriously about these things if we are to every try to fix them.
EDIT: typo