The housing market crash was due to central planning. Hardly a counter point.
> Unless that actor has nuclear weapons, poisons a water supply, destroys the source of some resource the rest of the world depends on...
Central planners are humans.
When comparing human systems of central vs decentralized management you have to understand that the central planners are just as prone to irrationality as individual actors.
Pointing out that individual choices can lead to bad outcomes does not mean that central planning choices will not lead to bad outcomes.
The problem is one of dealing with complex mulch-facteded world were historical information will very often lead to poor decision making in the face of change.
The lack of good information, lack of good feedback mechanisms, and inability to gain enough experience are all severely limiting to the chances of quality outcomes as a result of central planning.
Citation needed on how central planning led to MBS and CDS exploding.
Admittedly not the only factor but a huge contributor.
Or, alternatively, it will be a race to the bottom until the housing market crashes.
> A bad decision by a individual actor will potentially be devastating to that actor, but the effects of that decision will be limited to that actor and those around him that may be negatively impacted
Unless that actor has nuclear weapons, poisons a water supply, destroys the source of some resource the rest of the world depends on...