I also argue that the timing of this regulatory change was not quite right: deregulation took place exactly when European financial institutions, as well as their U.S. counterparts, had begun to search for yield and to take risks, which turned out to be excessive.
Charlie Munger, the under-heralded partner of the "Oracle of Omaha," Warren Buffett (perhaps comprising the finest investment team of the last half-century), believes that economics remains a rather insular field of practice. He seems to delight in accusing the economics profession of suffering from "Man with a Hammer Syndrome."