There's nothing wrong with loans failing. Deregulation is good in this regard. The problems only stem from government interference that prevents people and companies from going bankrupt due to the mistakes they made.
The question isn't whether we can endure wild boom and bust cycles. It's what benefits we get out of them, which, historically, has been "sociopaths get rich" and "materialism destabilizes society." It's not worth it.
The bust is worth it. This is how the market ensures people who make bad decisions get what they deserve. It's equitable is what it is. Without the bust (government interference) our society allocates resources towards inefficient and less productive ends.
There's nothing wrong with loans failing. Deregulation is good in this regard. The problems only stem from government interference that prevents people and companies from going bankrupt due to the mistakes they made.
The question isn't whether we can endure wild boom and bust cycles. It's what benefits we get out of them, which, historically, has been "sociopaths get rich" and "materialism destabilizes society." It's not worth it.
The government interference is not worth it and dramatically harms our advancement.
The "bust" part of the cycle isn't worth it either. That's my point.
The bust is worth it. This is how the market ensures people who make bad decisions get what they deserve. It's equitable is what it is. Without the bust (government interference) our society allocates resources towards inefficient and less productive ends.