The explanation of why the obvious lessons of the crisis are being not drawn lies in the curious character of financial activity. Banking is inherently competitive; but at the same time, it is not an industry where competition ever worked very well.
为什么危机的教训明明摆在那里，人们偏偏不吸取？根源在于金融活动的一个奇怪特性。银行业固然是个存在竞争的行业，但这个行业的竞争，从来都是不充分的。