Wednesday, January 02, 2008
But if markets can inflict pain...Who in the hell said they cannot? Of course they do. People make loans on too-favorable terms. People perform swindles on other people. There are, in Charles Kindleberger's famous words that are the title to one of the best ten books in economics ever, "manias, panics and crashes."
The 'false idol' is worshiped by those who think they can prevent this.