That's fair too, though it's easy to blame all of the recession on the subprime bubble bursting while I think it would have happened anyway, eventually. And I'm advocating for letting banks, funds and investors fail if they lose at the game of musical chairs. For this to work though they need to be kept separate from rest of the finance system and use their own money.
I'm agreed with you on that point. I wish we lived in that world and I think we should work harder to get there. As long as we don't, though, I'm resigned to recognizing the public costs of these private failures.
