I think I’ve made this clear before - this wasn’t because of the current administration. It takes a Village, and in this case, we’ll now be thinking of them all as Village Idiots.
We’ve talked about predatory lenders, greedy Wall Street brokers, and loose lending regulations. How about the tax code? For a truly perfect bubble, you need favorable tax treatment OR loose regulations - and we had them both.
If you’ve always loved Ayn Rand’s philosophy as expressed in “Atlas Shrugged,” you should consider this a full refutement of that philosophy by its grandest champion:
“I made a mistake in presuming that the self-interests of organizations, specifically banks and others, were such that they were best capable of protecting their own shareholders and their equity in the firms.”
Alan Greenspan, former Federal Reserve chairman