" In the United States, meaningful financial reform has tended to be crisis-driven. That is an unfortunate fact, for several reasons. It means that our regulatory system has been defined and redefined under extreme rather than normal conditions. It means that financial regulation is more reactive than proactive. And it means that we must endure serious dysfunction, if not a major calamity, before fixing problems—financial excesses that typically have been recognized and acknowledged long before the crisis hits. "

― , Tectonic Shifts in Financial Markets: People, Policies, and Institutions