Environmentalists rightly point out it is very difficult to manage a complex ecosystem. But they conveniently ignore the fact it's even more difficult to manage an economic system — especially one thrown into disarray by environmental regulations.
The repo crisis — and it is a crisis — is telling us that liquidity providers are aware that the price of money, the assets used as collateral and the borrowers’ ability to repay are all artificially manipulated.
Many conservatives seem to believe that America has been taken over by hard-core libertarians, with the result being a dystopian plutocracy. The answer, they tell us, lies in high taxes and more government power. They're wrong about both the diagnosis and the cure.