Thank you for that, I have said exactly the same thing many times.

The sharp dividing line here is between those (A) who think "we just need to get the regulations right the next time", and those (B) who think that is inherently impossible, based on Public Choice theory, experience and/or general cynicism.

To us from school (B), the school (A) thoughts are hopelessly naive, but it's impossible to convince anyone of our wisdom who hasn't found it on their own, and it just comes across as infuriating "you'll understand when you're older" condescension.

And so life goes on :)