Nothing substantial has been altered in the infrastructure of the global financial system from its state before the crisis. Government “reforms” have proven superficial at best in both Europe and the United States. Further post-2008 evidence of debilities, such as the “flash crash” of May 2010, the epic failure of the BATS IPO in March 2012, and the Knight Capital meltdown in August 2012 passed without serious concerted response, even though they suggest that market malfunctions run deeper than the conventional fixation over mortgage securitization and banking fraud.

Philip Mirowski, Never Let a Serious Crisis …, loc. 25