Believe it or not, it gets worse. The senator goes on to say, "You need a tough, strong regulator, unified—no holes in the system— who sees the problem ahead of time, so they have complete transparency, they know exactly what's going on". In Schumer's dream world the government gets to know everything that private companies are doing, "no holes in the system ", while the same "tough, strong regulator, unified" gets to operate in secret! Transparency will only apply to the private sector, not the government.

The real reason for regulation is now nakedly revealed. It's not about protecting the people, it's about controlling them. As Ayn Rand wrote, "We are fast approaching the stage of the ultimate inversion: the stage where the government is free to do anything it pleases, while the citizens may act only by permission; which is the stage of the darkest periods of human history, the stage of rule by brute force."