Financial crisis has deep roots in academia

"Down with the pointy-headed academics! Their magical theories have failed us again!"

It is ridiculous to blame academics for forming and publishing theories. The theories did not cause anything to happen. Someone who didn't understand them decided to use them anyways. Anyone who takes an academic theory, and blindly applies it, without understanding it is bound to screw themselves. From the article:

"most traders know it does not work and only pretend to use it because finance theory is fashionable and criticizing the model is a heresy"

So, they knew the theory didn't work for their purposes, tried it anyways, and now blame the people who made the theory. Brilliant.

As it says in the article: it is Taleb revisited! He's been banging his head about the issue and even discussed abolishing the Nobel prize with the King of Sweden