"The shareholders got bailed out. The boards of directors got bailed out. Management got bailed out. So from their perspective, there was no crisis."
Kashkari, long an advocate of more stringent regulations to rein in major banks, said US labor groups, whose pension funds took major hits during the crisis, may have a role to play in countering the political influence of the nation's largest banks.
They have been campaigning, fairly successfully, to roll back many of the post-crisis regulations known as Dodd-Frank, which President Donald Trump has vowed to largely repeal.
"We are forgetting the lessons of the 2008 crisis," Kashkari said. "The bailouts worked too well."
Financial crises keep happening "because we forget how bad they were," he added.
What's the solution? Making banks raise more equity to fund their investment rather than rely so heavily on debt.