The Ricochet Book Club is delighted to welcome Nicole Gelinas--a much-anticipated event here at Ricochet, Nicole. Do you have questions about how to save capitalism from Washington and Wall Street? She's got the answers.
Don't forget, the five members who offer the best comments--as measured by the "like" button--will receive copies of our next book club selection.
Let me start: Nicole, it seems to me the most debatable suggestion you make is this: By 2008, it was too late. (Page 160, for those of you with your copies in hand.) I quote:
Could free markets have sorted out the mess without extraordinary government action? Yes, but only by destroying the remains of the financial system and possibly putting tens of millions of people out of work. Despite virulent public opposition to the Bush bailouts, society would not have tolerated the price that a sudden free-market correction of decades of financial excess would have exacted.
I wonder. I truly don't know what would have happened. What do other members of Ricochet think?