hey, Libertarians, there’s not, never was, never will be laissez-faire

https://en.wikipedia.org/wiki/Long-Term_Capital_Management

Some industry officials said that Federal Reserve Bank of New York involvement in the rescue, however benign, would encourage large financial institutions to assume more risk, in the belief that the Federal Reserve would intervene on their behalf in the event of trouble. Federal Reserve Bank of New York actions raised concerns among some market observers that it could create moral hazard since even though the Fed had not directly injected capital, its use of moral suasion to encourage creditor involvement emphasized its interest in supporting the financial system.

Always been that way, always will be. The wealth/power elites, often working through the governments that they, ultimately, control intervene when necessary to mitigate systemic crises.

Always been that they manipulate when necessary and cooperate when necessary.

Ever since Sumer.

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Steven Welzer

Steven Welzer

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The editor of Green Horizon Magazine, Steve has been a movement activist for many years (he was an original co-editor of DSA’s “Ecosocialist Review”).