"His parents let him run wild--- because they loved him too much or too little?"
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No, they settled to be his "friend" instead of parenting him.
The reader has to consider whether a lack of discipline is "too much or too little." Most people agree that children need guidance, and Bob certainly does not act in a particularly responsible or compassionate way. He seems more interested in beating up on Greasers than being a good high school student. He has been indulged all his life so he has never had guidelines for his behavior. The reader has to decide whether that is too much or too little.