Will Next Time Be Different?
Democracy tends to institutionalize moral hazard in sectors that are economically or politically important, such as finance or real estate, allowing them to privatize gains and socialize losses. But this does not mean that policymakers must repeat the same mistakes every time such sectors get into trouble.
https://prosyn.org/GfIukin
CHICAGO – Carmen Reinhart and Kenneth Rogoff, in their excellent, eponymous book on debt crises, argue that the most dangerous words in any language are “This time is different.” Perhaps the next most dangerous words are “Next time will be different.”