This is CBS. I am the world. I'm John Batsworth, Professor Richard Epstein of the Hoover Institution.

We're discussing competitiveness, anti-competitiveness, monopoly,

bigness, but I want to get very specific here because Richard's colleague, Cass Sunstein,

who has served honorably in one or more administration, certainly in the Obama administration,

and now, sympathetic to the Biden administration, has written in protest of George Stigler's idea

that industry acquires the regulatory body or makes the regulations work for the industry.

And he objects on the basis of several instances where he participated during the Obama administration

in new regulations. The one that seems most neutral to me, Richard, Mr. Sunstein writes,

in 2014, the Department of Transportation issued a final rule, mandating rearview cameras

in new motor vehicles. The rule was strenuously opposed by the automobile companies.

It was projected to impose more than 600 million in annual costs. Mr. Sunstein, if I understand

correctly, is saying, this was for the public good. We did it without factionalism in the government,

and the industry did not benefit from it. Do I read him correctly and is he accurate?

Well, I mean, it's complicated again. There's certainly the following argument that could be made

in favor of what Cass said, which is there are a large number of accidents that take place because

people have imperfect knowledge of what's going on behind them. Generally speaking, if you're trying

to talk about accidents, the basic theory says, whenever you're in transition, landing a plane,

taking off and so forth, is the period of maximum risk. Getting out of driveways in reverse,

right, is exactly one of those kinds of situations. There are small children who live on residential

seats. If you're just simply looking in the side, Mary's overlooking them, having this thing mandated

in the back essentially is good. The question, however, are more complicated than that because

it turns out there is a voluntary market for putting these things into place. At the time,

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