but recently we have seen financial markets sometimes move more like a wrecking ball, knocking over one economy after another.

As the housing boom cools off, there will be a shortfall in demand (which will) affect the global economy.

Market fundamentalists recognize that the role of the state in the economy is always disruptive, inefficient, and generally has negative connotations. This leads them to believe that the market mechanism can take care of all the problems.

The reality is that financial markets are self-destabilizing; occasionally they tend toward disequilibrium, not equilibrium.

I put forward a pretty general theory that financial markets are intrinsically unstable. That we really have a false picture when we think about markets tending towards equilibrium.

A lot of the evil in the world is actually not intentional. A lot of people in the financial system did a lot of damage without intending to.