We are now firmly in the system of huge leverage, private gain in good times, public guarantee in bad times. Where are our inequality warriors on the left, and tea party hat types on the right? Or at least, where are our economists who understand moral hazard in the middle? Where is any shame from the Fed that its army of Dodd Frank regulators and stress testers so completely missed the fact that the financial system was ripe for breakdown in the next crisis, so long as it did not exactly repeat the previous one?
