The Hard Truth About Financial Regulation

"Despite multiple layers of government oversight and industry self-policing, dangerous gaps in regulation allowed a speculative bubble to build, and then burst, rocking the financial system as it hasn't been since the Great Depression. Its corollary, the belief that the government would step in to prevent an important bank from collapsing, created a sense of complacency about the risks being created. Yet neither the gaps nor the "too big to fail" concept have been eliminated."