"Bold" action by the politicians and the central banks created much of the current mess.
No, bold actions by financial instrument designers, sellers and buyers created much of the current mess. Agreed on the crony capitalism and ad hoc intervention, and the real shame is that the cowboys who got us here did great out of the deal, but let's lay the blame appropriately.
The bold action was the imposition of those regulations back in the wake of the Great Depression. The repeal of them was business-as-usual cronyism for the sake of incremental financial gain.
No, bold actions by financial instrument designers, sellers and buyers created much of the current mess. Agreed on the crony capitalism and ad hoc intervention, and the real shame is that the cowboys who got us here did great out of the deal, but let's lay the blame appropriately.