I don't think you need oversight if you have a fair playing field for competitors. If switching from Facebook to... that other social network (?.. that's exactly the problem) was as easy as switching which restaurant you eat at, I wouldn't be calling for regulation I would be content using the social network that I thought was good for me. But I can't, because nothing comes close to Facebook.

I feel that if we had broken up Microsoft in the 90's, we'd be in a much better place today. We're still churning out professionals by the millions who are fully dependent on proprietary software to make a living, when nearly equivalent free alternatives do exist for many of them (Office, CAD, Adobe are the biggest). It makes me sad, and Microsoft had a huge hand in that.