But by the same metric, The great recession hadn't happened before 2008 so it would imply that the rules up to 2008 were sound? With hindsight we know that the

But by the same metric, The great recession hadn't happened before 2008 so it would imply that the rules up to 2008 were sound? With hindsight we know that the rules were far from sound and allowed banks to take on massive risk which they dumped on the taxpayers as usual.