A related thing is that there was blind faith in the value of financial innovation. Wall Street dreamed up increasingly complicated things, and they were allowed to do it because it was always assumed that if the market wanted it then it made some positive contribution to society. It’s now quite clear that some of these things they dreamed up were instruments of doom and should never have been allowed in the marketplace. So the blind faith in financial innovation has ended, and we’re probably going to enter a period now where even inventions that are useful are going to be clamped down because people are now terrified of this stuff.

An Interview With Michael Lewis - The Atlantic Business Channel