Crony Clean: The Spray That Breaks Down Corporate Cronyism

This is a pretty funny video that makes a libertarian argument:

That more regulation (i.e. more political involvement in the economy) does not reign in out-of-control corporations, but actually creates the incentive for corporations to capture control of the regulatory process through lobbying and campaign activism so they can use political management of the economy to their own benefit by setting rules and policies that exempt them from responsibility for their actions and overtly favor them over their customers and their smaller competitors.

Libertarians call this process corporatism, cronyism, corporate cronyism, crony capitalism, and fascism among other names:

Do you agree with this argument?