Ho hum. Regulators of any industry can never fully understand the industry they are regulating unless it was in a state of stasis or stagnation.

“We didn’t understand how risk was spread across the system, we didn’t understand the entanglements of different institutions with the other and we didn’t understand even though we talked about it just how global things were, including a shadow banking system as well as a banking system,” said Brown in a speech in New Hampshire in the United States.

“That was our mistake, but I’m afraid it was a mistake made by just about everybody who was in the regulatory business,” he said.

Here. It’s about time a politicians admitted the futility of their jobs.  Technocracy failed again and technocrats blame those being regulated rather than themselves.  Their job is impossible.