What the NFL referee lockout tells us about libertarian thought

On a couple of levels it's been fun watching the NFL replacement referee disaster unfold. The league is trying to stick it to the unionized professionals while sending in what appear as rank amateurs to officiate regular season games.

It also works as an illustration of why letting the market do its thing (a.k.a. laissez-faire) is a terrible way to run an economy. Business and commerce need compentent referees to achieve a fair, accountable outcome from trade. Letting the players go at it without oversight falls far short of assuring orderly transactions. Weak, ineffective regulation is an invitation to mishap or mayhem--preventing a just and fair resolution. Go ask the Greenbay Packers' fans.

James Madison said it far more eloquently in Federalist #51: "If men were angels, no government would be necessary." Let's fit that statement for a capitalist context: "If market players participated fairly, no regulation would be required." The 2008 financial crisis proved this wasn't the case. Why can't libertarians grasp this?