In the dark ages, many innocent people were accused of witchcraft or wizardry, tortured and burnt at the stake- all according to the law of the land. It was all perfectly legal and above board. No-one could object without courting the same fate. If you didn't like your neighbor, or someone pissed you off, you could just toddle along to the local church and denounce him. People were nice to one another!
A similar thing happened in France with their revolution. Aristocracy? Don't you dare walk along with you nose in the air, or it just might get cut off- at the neck.
Now we have a new Inquisition, the RIAA. If you and your pal have a fall out, you better be careful or he may just pay a visit to the RIAA and you get sued for what amounts to a life sentence. $200 000 or thereabouts for a student means taking a loan (if you can get it these days) effectively pawning your assets for decades as you pay off interest. Kiss goodbye to your retirement fund.
If a record label owns copyright to a song, what exactly did they contribute to it's production? Generally, nothing. The artist is just not in a position to mass produce and market the song on his own, and therefore sells his copyright to the label for a fee. If he is lucky he may get royalties as a part of the deal. Talk about selling your soul to the devil! Pun intended.
What the RIAA is all about, is protecting the monopoly of the record label over the work of art. We can't have some upstart mass producing the same work at ostensibly lower cost than the record label and undercutting prices, or in the case of p2p, producing and distributing it at zero cost; that would put the record labels out of business, and destroy the artist's reason for producing works in the first place.
Now that sounds perfectly reasonable, does it not? The same perfectly sound reasoning applied to the protection of the institution of the church from devil worship and the protection of the newly formed French revolutionary government from competition.
Quite a quandry we have.