anniversaries continued to inspire reflection and search for lessons. that exercise is morimportant in this case because another one is sure to come. after the 2008 crisis, many condemned the speculation in mortgage-backed securities and believed that it's crucial that we identify and pop such bubbles much earlier. but speculation is part of capitalism. recall the south sea bubble. the dutch tuna boom. the railroad craze. the dotcom boom. and today the number of people speculating on bitcoin probably well exceeds the number of people who can explain what bitcoin actually is. there will always be hard markets and people will pile into them. there will be another crisis. the real question is, when and how can we respond to it? the three architects of the 2008 recovery, hank paulson, timothy geithner and ben bernanke raise an alarm in "the new york times." they write the economic crisis was mitigated by emergency