December 02, 2008
The financial mess: What really happened?

A condensed version of my Cato Briefing Paper on the financial mess is now available as an essay on Cato Unbound, under the title "What Really Happened?" It will be followed, over the coming week, by alternative perspectives from William K. Black, Casey Mulligan, and Brad DeLong. Then all hell will break loose as we criticize one another's essays.

Posted by Lawrence H. White at 11:48 AM in Economics

The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith

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