Good post Mike. We don't want to see credit markets come to a halt.
The Great Depression was just the last major financial panic to hit the U.S.
Numerous panics in American history had produced far greater hurt on the nation then any recession since. We can thank our modern banking system and willingness for federal intervention for eliminating those crippling panics.
Deregulation, on the balance, has been good but obviously there are areas it got way too slack. Returning to 1970s style regulations, the stuff that produced gas line shortages; wage controls; and the 55mph speed limit are not the solution.
But we do need a traffic cop. As I posted elsewhere here, when you see no income verification or the 40 year interest only mortgage...someone should've been the traffic cop pulling over the Corvette going 155mph. Somethings are just so stupid and endanger others enough you do need to stop them before they crash.
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