so advertisers should be able to say anything? cigarette manufacturers should be allowed to say their product is healthy? Cheerios should be allowed to say that eating their product will prevent heart attacks?
More or less, yes. Whatever happened to "Let the buyer beware"? Now it seems that everyone thinks that every product must be guaranteed by the government.
If advertisers like MuscleTech make exaggerated claims, this will be pointed out in reviews posted all over the internet that come up with minimal research on the subject. Lying to consumers about cigarettes is not nice, but again, the truth is freely available for those who actually take responsibility in their lives and look. If a person trusts health advice from a cereal box over their doctor, I don't imagine they know much about health anyway.
Many people "don't trust government". I don't trust business. Elected officials are suppose to report to their constituents, and they can be voted out of office. Businesses report to their shareholders, and their shareholders want the best (and usually quickest) return on their investment, even if that means screwing over or even inflicting damage onto the consumer.
If shareholders want the quickest return on investment, why doesn't the supermarket charge $1,000 for a basket of groceries?
businesses do to, but they don't willingly
sure, individuals vs multibillion dollar corporations, sounds like a fair fight
Milton Friedman discusses the government's role in regulation:
The government is responsible for providing courts of law where people are free to sue corporations for fraudulent claims. This is a healthy part of the free market mechanism. Even if corporations don't win, the cost of litigation is high and court costs alone are a deterrent against fraud.
in all things there needs to be checks and balances. with billion dollar industries, like the supplement industry, the only thing big enough to be a check and balance is the government.
If MuscleTech products caused death or injury other supplement companies would be there in a moment using that fact to their advantage by coming out with a superior product which does not cause the same ill effects.
Regulations can sometimes be good. Thanks to the enormous profits reaped by supplement companies we now have more good products out today than we ever had before, all thanks to capitalism. This will be slowed down immensely with regulation.
Try to understand the same rich elitists who control business will control the regulatory bodies. If big business is bad, would you rather have 100 of them or just one of them [government]?