At the time, it seemed like the fallout from the 2008 crisis would force a reckoning. The Great Recession had laid bare just how deeply Wall Street shaped — and distorted — the American economy. A housing bubble fueled by reckless lending and new financial products had burst, triggering mass foreclosures, a global credit freeze, and the worst economic downturn since the 1930s. Millions lost their jobs and homes, and anger at the banks that helped cause the crisis simmered. It seemed like time to question the central economic role we’d given the financial system.

Policymakers had something else in mind. In the end, they ensured the precrisis financial system was simply glued back together, with some modest guardrails put in place. A new consensus took hold: as long as Wall Street doesn’t crash the car again, it’s free to keep steering it.

But what does this arrangement mean for our economy and the people living in it? For some, it’s a system that deserves far better than the populist vilification it has received, as the financial sector helps our economy remain competitive. In this story, financial capitalists make daring bets on inventions and future productivity. They’re speculators, yes — but if systemic risks can be contained, the innovation their gambles enable is worth it.