Paul Krugman argues in today's NY Times that we need to pay attention to how we got to where we are now in the current financial mess.
The short answer is this: Uncontrolled capitalism is as foolish as uncontrolled hedonism.
What he points out is that it wasn't the Stock Market Crash of `29 that brought on the Depression, it was the bank runs over the following years that collapsed the economy. And that what we have going on now, what blew apart Carlyle Capital and Bear Stearns, is a modern bank run. The government began regulating banks in the 1930s to prevent future bank runs, so the greedy fucks figured out a way around that, and now that unregulated system is falling apart.
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