Excellent article that articulates the details which are both part of the diagnosis and whose elimination would open the path to recovery.
The clear difficulty with implementing the article’s observations is that once people have become accustomed to being backstopped, they will lean against any attempt to remove the backstop. It is that provision of government insurance and resource that permits people to attempt excessively risky endeavors, because part of the risk is laid off on the unsuspecting general public.
But, the problem is that every cost must eventually be accounted for, whether or not the alleged financial books of the companies involved do so or not. The real impacts will be felt, either now if there were no governmnent guarantees, or later if there are. And I usually find that the best way to bear costs and overcome failures is to pay now. The cost almost always turns out to be both instructive and minimized.