Libertarians Under The Skin?

Megan McArdle:

A number of liberals are angrily defending liability by arguing that the FDA is underfunded, incompetent, the victim of regulatory capture, and staffed by life bureaucrats more interested in preserving their jobs than protecting the public health. Quite possibly true. Only one question: if it doesn't keep us safe, and the liability system does, then why do we have the regulatory agency in the first place?

Good question!