> Banks are of systemic importance. Banks also have lots of money to buy political influence. Underregulating an industry with systemic importance invites dis

> Banks are of systemic importance. Banks also have lots of money to buy political influence. Underregulating an industry with systemic importance invites disaster when component failure becomes cascading failure. But sane regulations, difficult to achieve for any industry, are especially challenging for banking, and then even more difficult to maintain.