After years of tracking, report writing, report filing, documentation, and general paper churning, the Age of Re-regulation is nigh for the financial sector. The current Great Recession has forced the visible hand of government to act. Blame must be laid, and so politicians promise more rules and restrictions, as if the industry had been operating in a vacuum.

Regulation did not go away for eight years, but was partly subsumed by the wish that markets would naturally regulate themselves. Regulators looked but mostly did not touch. A majority of economists and policy makers now appear convinced that the market is not some extraterrestrial force only alterable by its own devices.

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