Just Bad Economics

Do senior editors in the financial press get this angry?

This was not a failure of markets; it was a failure to create proper markets.

What is to blame is a certain mindset, embodied not least by Mr Greenspan. It ignored a capitalist economy’s inherent instabilities — and therefore relieved policymakers who could manage those instabilities of their responsibility to do so.

This is not the bankruptcy of a social system, but the intellectual and moral failure of those who were in charge of it: a failure for which there is no excuse.

Financial Times, March 9, [free but firewalled]