I’ve been noticing a new conservative meme lately. Basically, it’s this: the government failed to stop the housing bubble, so it’s folly to suggest that more government will stop any future bubble.
I don’t really have anything to say about this. I’m just sort of bemused by the audacity of spending 30 years deregulating everything in sight, watching the financial system implode, and then blaming it all on weak-kneed bureaucrats. It’s hard not to admire the chutzpah.