Gorton argues that most post-mortems of the recent financial crisis failed to recognize the culpability of what he calls “the shadow banking system” and new-fangled forms of debt. He believes these innovations are necessary to markets, and mustn’t be done away with, but that we need to properly regulate them so that we know when they’re about to cause a modern run on the banks—the kind of run that even George Bailey in his most persuasive folksy tone can’t stop.

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