All of this has happened before, and it will all happen again. The cycle of financial deregulation followed by financial calamities has a sickening familiarity to it. Our only hope for breaking out of this wasteful and destructive cycle is to learn enough from one of the crises to install reforms durable enough to have a chance to survive the money-induced amnesia that will inevitably follow.
The failures of Silvergate, Silicon Valley and Signature Banks provide us an opportun...