A few years ago it was common to find explanations about the crisis that used the story of The Three Little Pigs. The idea was that the architecture of the financial system was not brick, not even wood. More like straw. We have moved towards a stronger banking institutional building, with new principles of financial management and, above all, with overwhelming regulation. But there are new wolves that are blowing. The house has a solid bank floor, but other floors have been built that can take the air or fire much more easily. They are built with financing barely supervised by regulators, with potential destabilizing effects.