Fuchs:
There is something in what you say about poor regulation and oversight since the 80s. We gave up a lot of the rules that we established during the Depression in the interest of what ultimately turned out the be the interest of the big money men. We also have been developing a culture of impunity for the elites and the institutions dominated by them. That is going to get us in big trouble.
The banking sector may or may not have blown up either way but it wouldn't have blown up in the way it did without gov action.
The last real crash we had was the Depression. These things have been uncomfortable and disconcerting but not crashes on that scale. I don't know if the economy is stable or well managed. That sort of depends on what the definition of stable and well managed is, and that can vary depending on the men making it. That concerns me. It was free more or less. In the long run free is better even with the ups and downs. Creative destruction and all that.
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