If there are regulations, how can it be libertarianism? Where do you draw the line? Every time some new regulation is promulgated, libertarians complain. What's the magic secret behind libertarian regulations?
Good for you. At least your asking the right questions.
The links others have posted are a start, but it's not that complicated. The primary difference between what libertarians see as legitimate government and what we derisively refer to as the 'regulatory state' lies in the purpose of the laws in question. From a libertarian perspective, the purpose of law is to protect our freedom, not tell us what to do with it. We want government that makes it possible for us get along and enjoy the benefits of society, but leaves us free to pursue our own vision of the good life, whatever that might be.
Dealt with after a bad act, correct.
Absolutely, yes. "Guilty until proven innocent" is no way to run a government.
We're not talking guilt, it's called prior restraint. No wonder libertarianism can't get any traction in the real world, you don't even talk the same language and assume everything will be hunkt-dory just because you say so.
Well, "prior restraint" is a term that usually applies to the narrower concept of freedom of speech issues, but I suppose it can be applied more generally as well. And it does have its place. When the consequences are overwhelmingly severe, and irreversible, it's often the only sane option. I don't, for example, have a problem with laws limiting the right of my neighbor to keep an arsenal of nuclear weapons for 'personal protection'.
But this kind of 'preventative law' is problematic, and definitely lies in opposition to the libertarian ideal. The thing is, we take diversity and tolerance seriously. And we'd rather live in a world where there is a higher risk of someone else doing something we don't like than to be dictated to by those who claim to know how we should live our lives.
In order to preserve this kind of freedom, it's essential that people are allowed to decide for themselves how to behave and are then - after the fact - held accountable for their decisions. That's what responsibility is all about. The regulatory approach is the opposite of responsibility. It replaces our personal decisions with the authority of the state and we're no longer accountable for the results. We're simply following orders.