He didn't slam capitalism
He slammed unfettered capitalism. Only a fool would agree that capitalism is a good system without any regulation. The idea is that regulation corrects for market failures, and one market failure of capitalism is that efficient markets assume that if you sell something as 'x' it really is 'x'. In reality sometimes people will sell something as 'x' when it is really 'y', because 'y' is cheaper for them to supply and 'x' is more profitable for them to sell.
When regulations are removed to clear "red tape" that are "harming business" that's great if it is useless red tape, or saving less money than it costs. When it corrects bad behavior and saves more money than it costs then it is good, though some politicians do not agree and will tell you that all regulation is bad. At least until it comes to protecting some of their constituents from lower priced (often foreign) competition, in which case regulation that favors their constituents is somehow a good thing!
Biting the hand that feeds IT
