That’s the subtitle of my op-ed, published today. Here’s an excerpt:
None of these developments occurred because of unrestrained market forces. They happened because of policies designed to thwart the market’s tendency to punish excessive risk-taking, translating into short-term economic growth that the political class especially valued when expanding welfare and warfare spending in the years following 9/11.
Today, such factors are being placed in the memory hole by the very people who created this situation. It’s politically expedient to blame greed, as if basic human nature somehow changed from 1995 to 2005. Such strategies deflect responsibility while justifying the continued socialization of capital markets.