Wall Street Didn't Cause The Last Financial Crisis; Government Won't Prevent The Next One

We are approaching the tenth anniversary of the start of the 2008 economic crisis. While the causes of the dramatic global market downturn were numerous and complex – and remain subject to continuing debate to this day – the impact on financial institutions is clear. Some of the world’s largest financial institutions either went bankrupt (Lehman Brothers), were absorbed by commercial banks (Merrill Lynch and Bear Stearns), or were effectively nationalized (AIG, Fannie Mae and Freddie Mac).

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While no one should downplay the massive financial dislocation that occurred, I believe that some elected officials and regulators created...