The exuberant entreprenurial spirit is at the heart of growth and the creation of wealth. But the brilliant economist Carmen Reinhart, writing with Kenneth Rogoff, has pointed out that this spirit leads to excessive risk-taking in good times.  “This time is different” is never different.  Exuberants think they can get a little more from the system, stay in for another month or two. No one heeds J. P. Morgan’s advice to sell early.  The most recent subprime mortgage crisis was supported by two Federal Reserve chairman.  True, we squelch exuberants at the cost of stagnation.  But future manipulators of the financial system might do well to think about pricking the bubbles with J. P. Morgan’s timing skill.  Now with have Chase trying to beat back the government’s criminal claims by paying an 11 billion dollar settlement with no admission of guilt.  This simply is not a high enough penalty.  The Chase Settlement Deal