> Certainly we are better off with the FAA regulating Boeing and the airlines than not regulating them!

Are we really? Then why all these Boeing fails? They are quite regulated and that's supposed to prevent them but regulatory failures abound.

I'd much rather have a strong free market where competition is keeping companies honest and on their toes. But one of the effects of regulation is reducing competition (through raising the barrier of entry).

Thus regulation becomes even more necessary to replace the lost competition... A self-fulfilling prophecy if you want.