Role of government in regulation

I read this interesting story about the problems faced by the regulators on regulating neutrality on the Internet http://tech.fortune.cnn.com/2011/11/11/what-next-for-net-neutrality/?section=money_topstories&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_topstories+%28Top+Stories%29

It is clear that there is a need for a neutral party, i.e. the regulator, to set the rules to ensure a level playing field for all the parties, and for consumers to have access to unbiased information. But the big businesses are challenging the role of the regulators, using their lobbyists and lawyers and will bring the matter up to the Federal Courts.

America has clearly gone too far down the road in letting the businesses have their way. Their economy is collapsing, and is now being propped up by massive debts. It is likely to lead to dire consequences.

The US government has failed to govern. I am worried that Singapore may be in a similar situation.