Recently, the economist Mark Blyth made a disturbing point about the American financial system. I’m paraphrasing here, and to really do it justice you have to imagine the following in Blyth’s thick Scottish burr. But here goes:
Imagine that you’re at a wedding reception. You see a guest get really drunk and grab the bride’s ass. Then he punches the groom in the face. Then he takes a shit in the middle of the dance floor. You find out that this drunk guy is the wedding planner. Would you then turn to your fiancée and insist, “We need to hire that guy for our wedding”?
Well, as Blyth points out, that’s exactly what we did in 2008.
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