This past Monday, I took part in a panel discussion about the financial crisis at the European Resource Bank in Brussels.
One of my main points was that people in private markets always make mistakes, but that this is a healthy and necessary process so long as there is a profit and loss feedback mechanism that encourages people to quickly learn when things go wrong (and also to reward them when they make wise decisions).
In the financial crisis, though, we saw the government interfere with this process. First, bad policies such as easy money from the Fed and
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