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.
Za druhé platí, že zrušení Glass-Steagallova zákona, který odděloval komerční a investiční bankovnictví, byla chyba.