Michael Connolly explains how the free market fixes problems:

Here’s the thing, though. If Washington can keep its knickers untwisted, we’re all going to be better off for this. Apple knows it either has to spend millions to fix the problem or billions in lost customers and bad press. They also know they have to move quickly, because Blackberry, Droid, Nokia, and the rest of Apple’s mobile competitors are going to make sure everyone sees their new, not-hanging-up-phones, and maybe slash prices for a while to win some of Apple’s marketshare.

So very soon, Apple’s customers will be made whole because Apple can’t afford not to make them whole. My guess is iPhone 4 owners will soon be given free replacements when the problem is fixed. Meanwhile, the rest of us can sit back and enjoy the competitive fury that will follow this mishap – cheaper, better phones are on the way.

The worst thing that could happen now is for Congress to step in and set mobile phone standards that will cryogenically freeze the state of the art in July 2010, reward existing industry leaders, stifle competition, and slam the door on new entrants to the market.

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