A good, short op-ed as the five year anniversary of the financial crash of ’08 rolls around. One paragraph does a nice summary of what happened:
The pre-2008 warning was clear. How could we have missed it? “Everybody missed it,” Greenspan observed in 2010, “academia, the, all regulators.” Which was not quite accurate. Everybody who could have done something missed it. (Emphasis by author)
The moral of what happened is that no one wants to listen to a Debbie Downer when things are good but, clearly, it must be done. The crash could have been either completely avoided or heavily subdued with better regulation of the financial sector and, until we realize that fact, we will have more of these crashes to deal with in the future.