The Real Causes of the Financial Crisis

by Cato Institute

The United States is the land of opportunity—the opportunity to be great, the opportunity to fail and try again. In the most recent issue of Cato’s Letter, John A. Allison, the former chairman

and CEO of BB&T, argues that the real cause of the financial crisis was philosophical. “We got into this mess through a combination of altruism and pragmatism, which is what I call ‘the free-lunch

mentality.’ …Unfortunately, this free-lunch mentality leads to a lack of personal responsibility, which is the central issue that underlies all of our financial problems.”

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