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3min chapter
Jill On Money
The Compound and Friends
The Importance of Inertia
Duncan Smith: I think it's better to bail people out and punish them afterward for making a bad decision in a non-chaotic way than just say, let's see how bad it gets. It would have been chaos. There are too many innocent people with bank accounts that had nothing to do with Silicon Valley who would have been burned to a crisp. He says moral hazard is one of the dumbest arguments you could ever make in the midst of a crisis to not try to end the crisis. The herd mentality is such that you want people to pay for mistakes.
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