[T]he financial crisis is the result of bipartisan regulatory decisions going back decades and the Fed’s easy money policies--and it is important to understand that financial crises will almost certainly occur even when government regulators do everything right. They are like hurricanes: we can blame the government for failing to build strong levees but not for failing to stop the hurricane from forming over the Atlantic ocean. If the hurricane is bad enough, even strong levees will do no good. (A lot of people also blame market actors but that does not make much sense. People act rationally or greedily or stupidly, as they always have, and blaming them for the financial crisis is just another way of arguing that government regulation was inadequate. Might as well blame hurricanes for destroying cities.)
Wednesday, December 31, 2008
QOTD
Eric Posner on the Volokh Conspiracy:
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2 comments:
> Might as well blame hurricanes for destroying cities.
I blame environmentalists for male pattern baldness.
Hey, there's just as much correlation between MPB and environmentalists as there is between CO2 and earthly temperatures.
Just show me ONE environmentalist who doesn't know someone with MPB!!!
See?? Proof!
Blame is what Adolf Hitler did when he caused the vast human misery we refer to as the Holocaust. Let's use our creativity to get ourselves out of this DEPRESSION and stop lying to ourselves that it is a mere recession. We need to create new economic, goverment, financial and other relevant systems that reflect the facts of now rather than the facts existent at the time of the founders of the USA.
Let go of the past. Stop blaming.
Focus on creating a good present and future.
Thank you.
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