The author writes, > Arguably, a little friction to slow us down would have enabled both institutions and individuals to make better financial decisions. But

The author writes, > Arguably, a little friction to slow us down would have enabled both institutions and individuals to make better financial decisions. But the article fails to bring up the US's rate of interest. If interest rates were allowed to have risen, this would have been just the sort of "slowdown" that the author is looking for. I find it remarkable that this article could be so insightful, yet lack even a single mentioning of this simple and fundamental fact. Rising interest rates are the market's implementation of precisely what the author is looking for.