Death by Narrative

Pete Wallison on how bad ideas destroyed ‘the most innovative and successful financial system the world has ever known’.  As Kevin Hassett notes:

It wasn’t a coincidence that equity markets posted their biggest drop in more than a year the day the U.S. Senate passed its sweeping financial reform bill…America has become the land of high taxes, big government, complex regulations and indignant politicians. The future of such a place is not bright. The markets understand that.