>Anyone who thinks a society can function solely by ignoring and not regulating societal impact of actions is incredibly naive. In this case market failure wou

>Anyone who thinks a society can function solely by ignoring and not regulating societal impact of actions is incredibly naive. In this case market failure would be the intended feedback mechanism. There's also the larger context of years of artificially cheap credit to consider. Lastly, there are malign incentives around banks buying treasury bonds, thereby loaning cash to the gov. I agree. Changing the rules in the middle of the game isn't Hoyle. Not sure that the conclusion, "we need more power in the hands of capricious referees" follows.