The Risk of Shadow Banking

In finance, risk is like energy. It cannot be destroyed, only shifted from one place to another as it gets shunted around its consequences can morph in little understood, even dangerous ways. We know now in hindsight that risk was in the banking system in 2008. And now, it's not exactly clear where it is. But I think the bond market is a positive thing, right? It has helped produce risks, or at least ameliorated the overall riskiness of the financial system. After 2008, we were able to do all these things with banks because there was a very strong political conviction across the world that that cannot happen again. The fixes might be inherently unknowable or so