The next battle in the political war is going to be assessing responsibility for the destruction of the financial industry. At first this seemed like a no-brainer to me: capitalism had been deregulated and freed to do its thing, and its thing happens to be boom-and-bust, euphoria-and-panic.
But conservatives are now counter-attacking, in the way they do so well, finding some government or non-market actor and pinning all the blame on them. Last week, in the space of two days, I...
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