Innis

The Federal Reserve expanded the money supply. Government-sponsored enterprises pushed capital into housing. Regulatory distortions built up for years. Then the crisis came and the story that emerged almost immediately, in the newspapers and the hearings and the books, was that capitalism had failed and more regulation was needed. This is the consistent pattern and it works because the people who shape the story work in institutions that have no incentive to tell a different one, and because the true story is complicated and the false story is simple, and simple beats complicated in the time most people are willing to spend on it.