A field can remain highly regulated while having certain aspects deregulated. This is what we saw before the financial crisis. For instance, the repeal of the

A field can remain highly regulated while having certain aspects deregulated. This is what we saw before the financial crisis. For instance, the repeal of the Glass-Steagall act is credited with enabling the broad systemic risk that created Too Big To Fail - by allowing commercial banks to invest in securities and proprietary trading. http://en.wikipedia.org/wiki/Glass%E2%80%93Steagall_Legislation http://en.wikipedia.org/wiki/Glass%E2%80%93Steagall_Legislat... This was further compounded in Europe by loosening up leverage ratio requirements - but I don't have a link handy for that one. You're also not commenting on the second word in there - financialization. The 2008 crisis wasn't possible in the 90s, because the residential mortgage market in the US hadn't been fully securitized prior to the aughts. Anyhow, to pretend like there has been no deregulation is to be disingenuous at best.