This book is just like his 20/20 specials. Stossel's message is well-illustrated with lots of stories. He skewers those on the political left (e.g. Ralph Nader and Democrats) and sometimes the right as well (Donald Trump and big corporations). It's very much a libertarian take in favor of free markets and limited government, and I'm inclined to agree with many of his points. But I'd love to hear an articulate response from another viewpoint. In any case, even if you disagree with his arguments, the material is thought provoking.
I've come to believe that American society is like a drunkard riding a horse. In some seasons, we fall off one side of the horse in favor of free markets and deregulation. Then there are abuses of the system (e.g., the 1929 stock market crash or the recent sub-prime mortgage debacle), and we fall off the other side in favor of more government intervention and regulation. May God grant us wisdom to find the golden mean between government regulation and free markets.
I fear that sometimes Stossel's measuring rod is based solely on costs, i.e., free markets are good because they keep the prices down. But cost isn't the only measuring rod. Sometimes the government, because it doesn't have to concern itself with making a profit, can promote social goods that don't make economic sense. Take for example NIH's desire to do research and develop treatments for diseases that are rare, such as progeria, or diseases that afflict populations outside the U.S. For-profit companies typically won't do that kind of work because there's not enough of a profit incentive.
Also, while Stossel points out many of the unintended bad consequences caused by government regulation, it's an interesting thought experiment to ponder all the disasters that were prevented because of government regulation. Because these are all hypothetical, there are no dramatic stories to air about government graft.
Another point to ponder is that limited government is needed because as Dan Ariely and behavioral economists have shown us, people are predictably irrational. We make all kinds of predictably irrational mistakes that call into question our ability to control our own decision making. For example, we predictably make irrational decisions, fall prey to "influence" techniques, make decisions based on how questions are worded, etc. Government regulation helps to police this area and protect us.
All of this leads me to conclude that we need to test our policies. We all have intuitions about how things work or should work, but our intuitions are often wrong. So the most sensible approach is to do a test run of different policies (perhaps in different regions), determine their measurable effects, and then evaluate the results in order to choose the policy with the most desirable outcomes. The book Supercrunchers by Ian Ayres makes a good case for this approach.