Hacker News Reader

nobody wants to hear it. the cause of the 08 financial crisis tracks directly back to congressional republicans (gramm) and democrat executives (clinton) unwinding sensible regulation from the great depression on the delusional belief that we'd gotten better at "understanding" and quantifying "risk".

View on HN

Absolutely agree with what you are both saying, in that DC enabled Wall St by foolishly deregulating investment banking and banks.

Of course, that does not absolve Wall Street of blame for managing risk poorly, for fraudulent behavior, for negligence, and for short-term risk taking over long-term growth.

Then that only justifies the grandparent's first two sentences, but the last sentence is unfair.

Reply on news.ycombinator.com