"The growing narrative in Washington is that a decades-long unraveling of the regulatory system allowed and encouraged Wall Street to excess, resulting in the current financial crisis. Left unchallenged, this narrative will likely form the basis of any financial reform measures. Having such measures built on a flawed foundation will only ensure that future financial crises are more frequent and severe." Read more. "Did Deregulation Cause the Financial Crises?" Mark A. Calabria Cato Policy Report, July/August 2009, Vol. XXXI, No. 4. Via the Cato Institute. Image by jscreationzs / FreeDigitalPhotos.net.