The old model of private partnerships – in which partners had an incentive to monitor each other to avoid reckless investments – gave way to one of public companies aggressively competing with each other and with commercial banks to achieve ever-rising profitability, which was achievable only with reckless levels of leverage.
Deuxièmement, l'abrogation de la loi Glass-Steagall qui dissociait les activités des banques commerciales et des banques d'investissement a été une erreur.