Markets are just games with certain rules. It's human nature to exploit knowledge for gain. And we're very good at it, which is why you see home sapiens running

Markets are just games with certain rules. It's human nature to exploit knowledge for gain. And we're very good at it, which is why you see home sapiens running things and not dogs or chimps. The emergent properties of nearly all markets are pretty obvious from the outset if you know the rules and just extrapolate. Markets adapt to the ways people exploit the rules. For example, for a long time the rule was that houses made great collateral, because mortgages were government-subsidized and housing prices never dropped year over year. That was completely true until it was totally false. Brooks is analyzing psychological motives, but he half misses the point (for the above reason; he wanted to come to a conclusion that supported a "conservative" viewpoint). I get really annoyed when people make the argument "but if only people hadn't mis-behaved we wouldn't be in this mess." Umm, any exploitable situation will be exploited by someone. Quit expecting morality to protect humanity. Don't you grok the Tragedy of the Commons? It may be 'no true Scotsman', but I always thought the basic difference between right and left was that the right embraced exactly the view you have, e.g. "Don't rehabilitate prisoners; hang them," or "Don't give people a handout when they lose their jobs; you'll just subsidize laziness."