Saturday, July 02, 2011

Misunderstanding Libertarians

Reason Magazine takes a look at a Salon article that interviewed some Reason editors.
Well, you guys wrote your book in the shadow of the Great Recession, but the book never actually addresses how the recession happened in the first place. And critics of libertarianism often cite the different actors in the subprime mortgage crisis, arguing that they took advantage of an unregulated system to consolidate power, and took advantage of a lack of understanding amongst consumers to sell them products that they didn't fully understand.

MW: It's a big question, so I'll just take on little bits of it. One is the notion that the financial crisis was caused by deregulation... The central libertarian argument about what to do in the wake of a financial crisis is let the people who made these terrible decisions go bankrupt. And when appropriate -- and do it early and often -- send the motherfuckers to jail, you know?
How about we start with Franklin Raines and Daniel Mudd? A couple of the motherfuckers involved who really could use some jail time.

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