His conclusion is all too true:

But the fact is that we’ve been devoting far too large a share of our wealth, far too much of the nation’s talent, to the business of devising and peddling complex financial schemes — schemes that have a tendency to blow up the economy. Ending this state of affairs will hurt the financial industry. So?

Until people in power realize that the basic problem with our financial system is that it is too big relative to the rest of the economy, and that it needs to be cut down to size, we will continue to have failures like these.