It also means that we should not sit quietly by because we fear that government action today will lead to reckless market behavior years from now.
Travis B. Plunkett, the legislative director of the Consumer Federation of America, based in Washington, said "indiscriminate and reckless marketing" had become the rule in the credit card industry, which last year mailed out a record 3.5 billion solicitations.
The Dust Bowl was the product of reckless, market-driven farming that had so abused the land that, when dry weather came, the wind lifted up millions of acres of topsoil and whipped it around in "black blizzards," which blew as far east as New York.
Slate's Laura Miller wrote: "You won't find this story told better anywhere else, from the economic hollowing-out of the middle class to the greedy and reckless marketing of pharmaceutical opiates to the remarkable entrepreneurial industry of the residents of the obscure Mexican state of Nayarit".
Last year we saw the tragic results of this reckless marketing: a one year-old child died after swallowing liquid nicotine.
And despite the share-price jump this week, recent market edginess will usefully remind investors about risk and so deter reckless investment.The markets are also right that few economists are actually predicting a hard landing.
The private housing finance market essentially shut down, meaning no liquidity (the once robust -- and reckless -- market for mortgage-backed securities disappeared overnight), no home loans, no refis, and no way forward.
This shameless cabal has given us a reckless stock market, a subprime mortgage crisis that is taking down homeowners while threatening banks and insurers, health care and gasoline costs flaming out of control, an endless war that violates international law and savages the budget, rising unemployment and income inequality, and the off-shoring of manufacturing jobs that is undermining real wages.
The FOMC fears that both encourage reckless borrowing and distort markets.
She tells companies to act "rationally reckless," to use capital markets as a tool and proceed "as though they have nothing and yet everything to lose".
