… is from page 8 of Roger Koppl’s insightful 2014 monograph, From Crisis to Confidence: Macroeconomics after the Crash (original emphasis):
It is true that there was a kind of selective deregulation before the [2008 financial] crisis. But the idea that excess lending was somehow a market failure overlooks a big important fact: too big to fail. The bankers were gambling with other people’s money.