<Tom: Whew! Long-winded discussion implying that it was the regulatory structure that made Enron do it.

Nothing "made" Enron do it. Enron did it on purpose. The mixed economy, and government control of what should be a private industry, selects for corrupt private industries. Enron showed up at the table because it was a fixed game, and companies like Enron like that sort of thing.

That is, industries who believe that they can use the government to get other people's tax money, ruin their competition, tilt the market in their favor, and force consumers to deal with them exclusively, thrive under the conditions of a mixed economy.

Industries who believe that using government power for private gain is immoral, and prefer to compete in a free and open market, are dealt out of the game as suckers.

This applies to a lot of arenas besides power generation. The computer industry is one.

Maybe that clears it up.

P.S. Governor Davis is going to get hit on this big time before the election, even if the Oracle scandal doesn't sink him.