Why This Crisis Is Different From the 2008 Financial Crisis - WSJ.com

Very interesting synopsis on where we stand with this new developing financial crisis. This fellow argues that it comes from reduced confidence in government's ability to create economic stability. I think that he is correct excepting one important and critical point, governments have never been able to 'create' stability. Markets, are inherently unstable and self correcting however governments of the past many decades have increasingly intervened in markets and this has led to allocations of resources and moral hazards where market participants assume that governments will step in to protect them or the 'system'.

Unfortunately, no government is either smart enough to pull this off or big enough to pull it off continuously. Markets will always adjust to these new normals and divert resources away from the most ideological central planner and embarrass them.

Why This Crisis Is Different From the 2008 Financial Crisis - WSJ.com