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Since bank failures impose costs on everyone else, the banking system needs more regulations to internalize those externalities.
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But not everyone agrees that the Internet needs more regulation.
Having taken a strong stand, the Obama administration must now hold the line against lobbying pressure from this troubled industry that clearly needs more regulation, not less.
In the wake of the London riots, there has been intense debate about whether the Internet – and particularly social media networks like Twitter and Facebook – needs more regulation.
Still, more than half of respondents said they think the financial industry needs more regulation.
My suggestion here is not that the American media needs more regulation.
During questioning by Senator Jon Tester (D-MT) about synthetic credit default swaps, Blankfein observed that "clearly, the world needs more regulation".
His bill sailed through the Senate committee he leads Tuesday, ratcheting up a fight between the popular tech companies and those who believe the industry needs more regulation.
Hours after Mark Zuckerberg admitted Wednesday Facebook needs more regulation, the company's head of public policy in Southeast Asia told lawmakers in Singapore that legislation is not a good way to counter fake news.
That aside we don't need more regulations, but we desperately need more effective regulators.
"One of the things we've heard from the gun lobby year after year is, 'We don't need more gun laws, we don't need more regulations.
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