"Those who fail to learn from history are doomed to repeat it."I can 't remember who said that (and, frankly, I'm too lazy to look it up right now). The reality is, though, that this statement is becoming more and more relevant every day. From all reports, the economy is repeating pretty much what it did in the 1930s and, it appears, the financial system has failed to learn anything from previous excesses. Or is it the legislators and the rest of us who haven't learned? Maybe the incentives of "getting away with it" are too great to resist.
Socialism is not the answer, but neither is the free-market oligarchy that has been created during the past three decades...
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