Part 2/8:
The speaker begins by critiquing the historic legal foundations that have empowered regulatory agencies, tracing the origin back nearly a century to a Supreme Court decision during Franklin D. Roosevelt's New Deal era. This decision, viewed here as a mistake, granted agencies like the Federal Trade Commission (FTC) broad authority—an authority that, in the speaker’s view, has been misused to restrict trade, hinder entrepreneurship, and damage the economy.