How many products are subsidized on one and and regulated on the other? Corn is subsidized in production, but then when those subsidies yield health-hindering quantities of cheap sweetener (corn syrup), we attempt to regulate its application and consumption.

Now, we'll subsidize growth again, but then regulate the greenhouse emissions on the other.

It is one thing for government regulation to address externalities (good). It is another to address externalities that government helped create in the first place!