In A Field O Straw Men: 1994 Unexamined

Is There A Difference Between QE And Printing Money? - Reuven Brenner - Leapfrogging - Forbes: "Before the recent crisis, Washington guaranteed not only demand deposits in banks, but also, implicitly, money markets funds and vast amount of mortgages through Freddie Mac and Fannie Mae. The magnitude of the crisis has reflected the government`s unprecedented assurances.

One lesson of the Mexican experience should have been that if  the U.S. government maintains explicit or, at times, implicit deposit insurance, Freddie’s and Fannie’s obligations, and relies on unreliable rating agencies, then the financial institutions must be regulated severely.

However, if government is taking the deregulation route, then the guarantees must go too. The lesson of this experience was not learned.  U.S. voters were offered only one option of heavy-handed regulation with the alternative of getting government out of the explicit insurance for deposits and mortgages, with the implicit one for money market funds hardly being brought up.

Other mistakes of those 1994 events went unexamined too."

This is a RTWT.