And five years on, we have translated many of those lessons into new regulatory concepts. We have chosen the right way, so to speak, but we have not yet reached our destination: a stable financial system that serves the real economy. And to achieve that objective in due time, we have to move at a faster pace.
But the truth is, in many respects, Hy and I came from different worlds. My highly traditional background in economic theory was in rather stark contrast to Hy’s self-proclaimed war on neoclassical economics.