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Well, without them we would live in a polluted cesspool with unhealthy food and drugs. Have you read The Jungle?
Please. You don't need the EPA for food safety. Afterall, even with the EPA we have scares. The reporting by Upton Sinclair would have been enough to put an end to the practices.
Any company that mucks up drugs or food and is found out will find instant losses. It is in a company's best interest to do well. The market regulates itself.