Bill Black is still being way too kind.
What happened after September 1993 is that OMB and Treasury, in alliance with Fed Chairman Greenspan and Senator Gramm, lost the accurate understanding of why vigorous financial regulation is essential and how one makes regulation effective. OMB, Treasury, Greenspan, and Gramm adopted anti-regulatory policies that were intensely criminogenic.
They hadn't lost any accurate understanding. They were part of the fraud. They knew that hyper-greed is a sin. Everyone knew that. Everyone knows that. People just try to fake themselves out about it so they can plead plausible deniability to God if they even care that they have souls to worry about.
All of the men involved had read history. They had all heard the religious doctrines. They made conscious decisions to aid and abet the hyper-greedy who have always been shown to be immoral.