There’s an old saying – variously attributed – to the effect that “capitalism without bankruptcy is like Catholicism without hell.” It appeals to me strongly. Markets work best when participants have a healthy fear of loss. It shouldn’t be the role of the Fed or the government to eradicate it. […] I see no reason why financiers should be bailed out simply because the event they’re being harmed by was unpredictable.

Howard Marks, Knowledge of the Future