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So much for the assertion that the financial crisis was caused by the lack of regulations and government oversight. The free market isn’t to blame, since there is no free market to blame. The “fingerprints” of the real culprit—the government—are all over the place.
Capitalism is in crisis, claims Richard Posner on the pages of the Wall Street Journal today. This crisis happened, he says, because “a capitalist economy, while immensely dynamic and productive, is not inherently stable.” Furthermore, he suggests that “the banking crash might not have occurred had banking not been progressively deregulated beginning in the 1970s.” […]