[pas]

Singling out one causal chain in one period while ignoring the rest is not a good way to weigh "progress".

Yes the lack of oversight led to a crash, the lack of social safety net prolonged it, and the lack of effective adult education keeps people chasing low-income jobs and in poverty.

And lo and behold Basel III was signed, now systemic risk analysis is regular part of the financial sector checks, even if the current US administration tries to (and succeeded in) roll back some of these protections. That's the rent seeking regression. (And many people are happy for it, for they don't understand these processes, but they also don't trust "technological change" and economics, because it took their jobs - which is an understandable sentiment, even if incorrect.)