Genetic manipulation has occurred always. When nature does it, it is generally slow so that there is time for the selected to thrive in the changed environment. Doing genetic manipulation in bacteria to produce recombinant insulin is very useful. Doing it for a short term gains like increasing profit or having a better steak is probably disrespect to life.
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I think that the ranchers are saying to create a healthier cow that in their local conditions and vegetation, but what really would happen is there would be no limit to what they will do to the cow as we know it today. It is like the dog pet modifications. Dogs originally came from the wild and were wolves or looked similar to wolves. Now we have designer dogs that fit into purses. Somehow, I don't think that was right.