This article caught my eye this morning. In arguing against free market ideology the writer states:
Here are some of the inflexible, hardcore beliefs that are crashing along with the stock market: “Individuals always know best.” Not so much, it turns out. The whole financial crisis is rooted in irrational personal decisions. Consumers borrowed more than they could afford based on the naive assumption that housing prices would always go up. Not just a few people — lots and lots of them.
Many people made dumb mistakes. So what? We now create regulation to do what? Stop people from shooting themselves in the foot? Come on! Sure, there are some things to fix, but you can’t stop people from being greedy and fearful. No way, no how.