New York Times: “Month by month, the discourse has gotten more primitive; with stunning speed, the lessons of the 2008 financial crisis have been forgotten, and the very ideas that got us into the crisis — regulation is always bad, what’s good for the bankers is good for America, tax cuts are the universal elixir — have regained their hold.”
We know what caused the eventual 2008 meltdown in our financial system, but we choose not to fix it.
What caused it was not lack of regulation – it was (and still is) cronyism. IMHO, if the Feds backed off from saving the banks and let them sink or swim on their own, we would all be better off. Sure, it would hurt – like ripping off a huge bandage. But it would be better than what we have now.
Didn’t Iceland go that route? I need to check into that.