Why not have a "Bonfire of the Regulators"?

Following on from the complete lack of any action on sorting out the banking sector despite talking vewwy tough (while selling out the public behind closed doors), planning on selling off public forests to private owners*, allowing rampant profiteering in the regulated energy and transportation markets, we now have the edifying spectacle of Her Majesty's Government giving the largest global news organisation in the world more time to come up with a reason to pwn the UK media industry, despite the express advice of the regulator in the space (Ofcom) against this - Grauniad:

Jeremy Hunt, the culture secretary, today confirmed he is taking more time to consider "undertakings" from News Corporation to allow its takeover bid for BSkyB to go ahead. Hunt said that on the evidence provided by media regulator Ofcom, he considered the merger "may operate against the public interest in media plurality" and intended to refer it to the Competition Commission. However, he added that before he does this he will consider undertakings by News Corp "which it contends could sufficiently alleviate the concerns I have such that I should accept the undertakings instead of making a reference".

It is understood that News Corp's undertakings relate to editorial guarantees for Sky News. "If this process produces undertakings in lieu which I believe will prevent or otherwise mitigate the merger from having effects adverse to the public interest, and which I propose to accept, I will then publish the undertakings in lieu and (as required under the Act) begin a formal 15 day consultation period during which time all interested parties will be able to express their views," Hunt said.

He added that he could not say how long this process would take. However, if Hunt decides to accept News Corp's undertakings and put the proposal out to a 15-day consultation, it could be a matter of weeks. If he goes ahead and refers the bid to the Competition Commission, it is likely to be about six months.

And when it is done and dusted, and the stated undertakings don't occur? Then what, given that its game over and the regulator has been emasculated, and HMG has put itself in the position of being beholden to an effective media monopoly?

Jeremy Hunt is on record of being pro News International (the irony being that this case only dropped in his lap because Vince Cable, who was handling it, was honeytrapped by journalists in mufti in saying he was not pro the deal - odd that).

Given that the UK Government and the Large Corporates are seemingly hand in glove anyway, we may as well get rid of the regulators. Why bother with all the hassle of Regulatory Capture, when you can have a Bonfire of the Regulators (after all, the Bonfire of the Quangos is going so well) and save money to boot!

* It costs us each 30p a year to keep our forests publically owned, as opposed to the the £10,000 we each have bailed out the banks by, so its clearly not economically significant. Land-grab ahoy!