"In the last two decades alone, there have been five severe disruptions in credit markets-four manageable ones in 1990-91, 1994, 1998, 2001-2003 and the truly catastrophic collapse in 2007-08 that required unprecedented global governmental intervention. Even though the financial system emerged basically intact from the first four of these debacles, it clearly gained little wisdom about the risks it was running. In fact, each succeeding market crisis revealed the the financial system had increased its risk provide after the previous one. The underlying causes of instability were being left unaddressed, and the imbalances bred by increasing global debt levels were increasing. "
Michael Lewitt in the Death of Capital