Yes, people should be able to experiment and innovate permissionless, but not if they receive state-support for it - that's cheating!

To begin with, even before considering the specific benefits for the banking sector, banks are incorporated. This means that if their experiment fails and they fall face down, then the bank owners will retain their home and savings, even their yachts.

Individuals should never be limited in what they do (unless they hurt or endanger others), but once they ask for the state's favours, benefits and protections, I see no reason why they should not be restricted in return.

Wow! And this nonsensical claim is backed up by Tom Cruise and Hollywood.

And when will the insurance industry be subjected to some stringent oversight?
That is more note-worthy than financial services: Insurance, an out of control industry which encompasses the lives of the vast majority, from all walks of life.

Hear, hear and well said ttbn. Even so I believe we need a royal commision to put some of the more nefarious financial activities under a very public spotlight; along with the entities who are responsible for stuff we suspect might be happening!? As the only effective means or a tool at our disposal, to actually stop it?

Simply put, any western style economy rests on just two support pillars, energy and capital!

And a truly sovereign nation needs to control both the supply side of both as well as the cost, and if well lead we could! If only to have and wield true economic sovereignty.
Rhrosty.

This article begins by discussing financial products that may be unfair, or intentionally harmful and swiftly conflates that with products that may be merely risky.

The first should be regulated and the later not. The hard work is in identifying the difference but laws have had to do this across the board. This is not a special case.

Dear Dan,

<<The first should be regulated and the later not>>

Unless they risk not only their own money and that of their fully-informed-and-consenting customers, but also our tax-money. That's when they become harmful.