What Caused the Financial Crisis ?

Robert Waldmann

has definitely not been spending enough time in bars. Nation food correspondent Calvin Trillin met a guy in a bar who explained why the financial system collapsed.
I nominate some guy in a bar for the Nobel memorial prize in economics.

The explanation ? “The financial system nearly collapsed,” he said, “because smart guys had started working on Wall Street.”

Proof beyond reasonable doubt here (via Ezra Klein who also sent me to this video which is why I am here and which shows that when they put their minds to it, smart guys can do other things than destroy financial systems).