Who would have guessed...........

 

Markets generally work, but occasionally they break down.  When they do, they require government intervention to provide the public good of stability.

  This position is widely at variance with the views at either of two extremes: that financial and commodity markets work perfectly in all times and places, or that they always work badly and should be replaced by planning or governmental assignments.  On the contrary, I contend that markets work well on the whole, and can normally be relied upon to decide the allocation of resources and, within limits, the distribution of income, but that occasionally markets will be overwhelmed and need help.  The dilemma, of course, is that if markets know in advance that help is forthcoming under generous dispensations, they break down more frequently and function less effectively.

-Charles P. Kindleberger, Manias, Panics, and Crashes: A History of Financial Crises