[T]he surge of subprime lending was a sort of “natural experiment” testing the theories of those who favor radical deregulation of financial markets. And the lessons, as Mr. Frank said, are clear: “To the extent that the system did work, it is because of prudential regulation and oversight. Where it was absent, the result was tragedy.” … [M]aybe the subprime catastrophe will be enough to remind us why financial regulation was introduced in the first place.
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