This is a clear example of something that needs to be subjected to Rule #1.
"The prospect of prison, more than any other sanction, is feared by white-collar criminals and has a powerful deterrent effect"
Let's be clear. Is it prison? Or is it some of the things that are widely accepted as being a part of prison life, like rape? What's really being defended as an effective deterrent here?
So, come up with a statement of intent for what prisons are, and what they are for, and pass it in Congress. Then show that the current reality of prisons aligns with that statement of intent. That shouldn't be too much to ask, should it? To have them both?