When people try
to pin the blame for the financial crisis on the introduction of
derivatives, or the increase in securitization, or the failure of
ratings agencies, it’s important to remember that the magnitude of
both boom and bust was increased exponentially because of the
notion in the back of everyone’s mind that if things went badly,
the government would bail us out. Indeed, lots of people talk as if
there was no option other than bailing out financial institutions.
But as Jeffrey Miron writes, you always have a choice. We could
have, for example, done nothing.
Reason Magazine
New at Reason: Jeffrey Miron on the Case for Doing Nothing
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