A vast literature now exists on the banking crisis that blew up financial markets and the real economy in the Fall of 2008. Some explain the unfolding events that led Lehman Brothers to file for bankruptcy (notably, Inside Job). Others analyze the conditions that triggered the series of events that culminated in the global financial meltdown. Among the latter, I recommend the reading of this paper by Jan Kregel. Jan tells of three stages of the crisis. Each time, regulators offered a narrow view of the causes of instability, and each time they believed that with a quick fix the system would revert to normal. Today, they remain powerless to prevent future instability, because they do not have a theory of financial market instability.