"The continued existence of a substantial equity return premium implied that there was a substantial market failure involved in the difficulty financial markets had in mobilizing anything like society’s total potential risk bearing capacity"
Capitalist markets fail to fully socialize " risk "
Capitalist Society bares too little risk !
Enter he unitary dome of decentralized funding and holding
The Rubinite ventured solution
"Largely unregulated financialization and experimentation
might well produce
substantial benefits in making the mobilization of such risk bearing capacity easier. "
Bolstered this boast by this poppy cock
" there were few risks generated by such benign neglect of systemic financial risk
because of the power of the Federal Reserve’s monetary policy tools"