But Mr Field predicted that the secretary of state's proposals would fail to deal with the current "crisis", for which both the current and predecessor governments were to blame.
In my field we have scores of models that are extremely good at explanation but which fail at prediction because some tiny parameter has been left out.
In an effort to stress the importance of having realistic expectations, Field drew comparisons to entrepreneurs in the first world, where as many as one in three startups fail.
The very biggest U.S. financial institutions seem to have attracted a force field around them, guaranteeing that there is at least a limited subset of banks that are too big to fail.