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Quotation of the Day…

… is from page 147 of John Taylor’s excellent 2012 book, First Principles:

Regulatory capture and more general crony capitalism caused financial regulatory policy to deviate from rules-based principles and thereby helped cause the [2008 financial] crisis.  Unfortunately the financial regulations passed in 2010 do little to curb the excesses, and they have not ended the bailout mentality that could push America once again into crisis.  Unfortunately the newly passed heath care regulations raise costs and contribute to an atmosphere of unpredictability that has slowed down the economic recovery.

Robert Higgs, Roger Koppl, John Allison, and other sensible scholars, of course, would agree.