In the wake of the 2008–2009 financial crisis a pervasive view began to emerge of banking as an inherently unstable occupation that must be tightly regulated and monitored by government agencies. Charles Calomiris and co‐​author Stephen Haber overturn this notion by presenting an inconvenient truth: not all countries suffer systemic banking crises. Some countries have managed to create a system that provides abundant credit without the propensity for banks to fail. So what is their secret? The answer is equally simple: The well‐​being of a banking sector depends on the ability of political institutions to limit rent‐​seeking by populist groups. Join the Cato Institute for a lively discussion of the true causes of the financial crisis and whether in light of the evidence presented by the authors the antidote (Dodd‐​Frank) causes more problems than it solves.