Contrary to What the NYT Tells You, the Next Crisis is Not Just Around the Corner

The NYT had a major editorial arguing against the rush by Republicans (and some Democrats) to selectively deregulate the financial sector. (It is important to note that the industry doesn't want to eliminate government protections that benefit it, like deposit insurance or the Fed's support in a crisis.) The gist of the piece is that we are lurching towards another 2008–09 financial crisis. (It is titled "inviting the next financial crisis.")

The highlight of this argument is the high value o...