What does the Korean Ferry tragedy tell us about "Job Killing" government regulations?

The new info today (April 23) suggests that the root cause of this terrible accident is much more complicated than simply having an inexperience sailor steering the boat.

If today's reports turn out to be true and the company that owns and operates this ferry (and other ferries like it) knowingly broke the law and knew that they were operating a ship that was over loaded with freight and who had reason to believe that the ship was not seaworthy (they had failed to carry out the inspections government inspectors had recommended), then the entire Management Team of this Company should be tried for murder.

And an even bigger question... If the Government Inspectors were not given the authority to prevent this Company from operating a ship that was suspected of being unseaworthy and if the government body that oversees the inspectors is "unduly influenced" by the Companies it is supposed to be "policing", then "something is rotten in Denmark".

One definition of insanity is doing the same thing over and over and expecting the outcome to be different. How many similar ferry tragedies have there been in Korea? How many similar ferry tragedies have there been in other countries with similar government "arrangements" with private companies? And Republicans continue to rant about "Job Killing Government Regulations".

There but by the grace of God (and sound principles of science and engineering) goes us.