Maybe. Then again, probably not, and definitely not all on its own.

We are now ten years removed from the beginning of the financial crisis that would become the Great Recession, and after all that time the mainstream explanation for the crisis can be summed up in one word: deregulation.

But, what deregulation? That is where the stories get more complicated. One theory that has risen to prominence is that the repeal of the Glass-Steagall Act of 1933, by way of the Gramm-Beach-Bliley Act, is to blame. Another theory argues that regulation of the banking system had ostensibly been unraveling since the Reagan Administration, and that it was only a matter of time before fraud and abuse of the system reached critical mass and the house of cards collapsed.  However, there are serious problems with both these theories and many others that are so haphazardly thrown out as a panacea-like explanation for something as complicated as the housing boom and bust, and subsequent Great Recession.

On this ten-year anniversary, these topics temporarily become salient in the public discourse once again. Therefore, why not take the opportunity to flip (at least part) of the accepted narrative on its head?