The thing with criticisms of libertarianism is that people fail to understand that it is a political project - a desire to break the state and rebuild a free society - not an exercise in economic choice-making. Hence this:
...if Johnson had been president in 2008, he would have allowed the U.S. financial system to collapse and the country to fall into depression. And if he became president now, he would do his best to strangle the tepid recovery we are enjoying and turn it into another severe recession.
Perhaps but the author is trapped inside and can't see the label on the jar that says "Government Jam - contains no freedom". As with other proponents of national account mathematics as a replacement for economic thinking, this author cannot see that the supposed "solutions" from the US government (and for that matter our government here in the UK) merely stir the 'Government Jam'. Voices will say that lessons have been learnt and that the banks will be controlled but is this not simply to repeat past errors?
Firstly, why is it said that banks cannot be allowed to fail? Are these institutions of state or businesses? If they are the former then why were they allowed to operate outside the direct control of the state? And, if the latter, why are the rules different from those applying to other businesses? If we believe in a free system, then businesses - including banks - must be allowed to fail. Those who argue otherwise do not support or believe in freedom and might as well just toddle off and join the Marxists.
Secondly, when did we decide that the government's job was to "run the economy"? This viewpoint now dominates economic thinking - or rather what passes for it within the corridors or power (and the organs of crypto-fascists like Bloomberg). Again, if we believe in freedom then it is mistaken to believe that government can "run the economy" without curtailing that freedom. And, moreover, the idea that something as complicated as the US economy can be "run" by anything or anybody is hubris. Yet the view that the economy is an institution as opposed to a system still corrupts our thinking:
Speaking in purely descriptive and functional terms, the distributive institutions of society are what makes any given bit of money “your money.”
The flaw in this argument is the same flaw that drives the economic policies of national and international governments and organisations - that the economy is an institution to be managed not a system to be used.
Thirdly - and finally - this entire argument echoes this famous dictum:
"All within the state, nothing outside the state, nothing against the state."