Passenger Pricing Power

The Transportation Department just revised regulations aimed at protecting airline passengers. It establishes new fees and fines on airlines for bumping passengers from a flight, or holding them too long on the tarmac. One commentator thinks that while the old rules were out of whack, the new regs aren't much better. Do we need government to dictate the compensation, or could we give free market ability to passengers, allowing them to negotiate and/or accept less for being bumped?

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