This experience with securitisation, then, was an example of what appropriate governance means: having regulations that are sufficiently sound to preserve the integrity of the market, but not so taxing as to suffocate it. That is why I said that free markets stipulate not just the right to take part, but also the means to protect that freedom.
To be true sources of opportunity, and to protect the interests of those who use them, they need policing. And that makes the market, inevitably, a political construct.