The populist rant about greedy banks that is being loudly ventilated in Congress is a distraction from the true causes of the crisis. The dire condition of America's financial markets is the result of American banks operating in a free-for-all environment that these same American legislators created. It is America's political class that, by embracing the dangerously simplistic ideology of deregulation, has responsibility for the present mess.
By treating Napster as the copyright antichrist, the industry is simply insuring that the vector of Internet technological development will move rapidly toward a lawsuit-proof, free-for-all distributed network of file-sharing -- the very outcome the owners of intellectual property wish to avoid. How stupid can you get? ... The good news is that the brain-dead, colossally wasteful, artistically homogenizing old order of the recording industry is committing collective, time-delayed suicide in court.
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