Ignoto has been Hitting the Red Bull Again

My friend Ignoto the investor is cranky this morning:

For decades the flow of capital was treated like the flow of water, sewage, and electricity - a regulated utility with means to ensure that "excess risk" was not being taken with the public's "airwaves."  Bank regulators were like the Public Utilities Commission.  In the 1980s, someone decided that when it came to finance, mixing water, sewage, and electricity into the same conduit were perfectly appropriate.  Naturally, after 25 years of allowing this stuff to mingle a bunch of sparky shit-water came out...  Bankers called it "finance" while the rest of called it, well, sparky shit-water... (The first phase of structured credit, Fannie/Freddie/etc., were logical - like going from copper to fiber-optics.  The next stage was putting sewage down fiber-optics...)

 Maybe Ignoto is remembering Scopenhauer's law of sewage entropy.