Back to Plain Vanilla Instruments?

Yes, since the beginning of the crisis markets have shifted to new regimes, characterized by almost unimaginable anomalies. It has exposed failures in risk management and even familiar models and valuation techniques became unmasked as unreliable. 

Yes, there are not so many who understand the risk profiles of sophisticated deal types.
So, stop it all? There are not so few who challenge: back to vanilla instruments. They are easy to understand and manage. Is this the solution or spill-the-baby-out-with-the-bathwater?
Not to mention that the pricing and hedging of, say, a European Call might become nasty in reality.
But in general, what about back to plain Vanilla buildings?
Facades look the same from the outside, but they have also unified apartments and general interior. Consequently, they seem to be easy to manage and understand. Pricing of flats seems to be simple as well as life cycle planning of the whole building. Is it? What about earthquakes?
No Bilbao-Guggenheim-Museum type architecture any longer?
Or should we better learn to manage our complex things better?

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