The world-wide economic crisis was caused by mistakes.
Okay… every expert makes a mistake sometimes; but how did it happen that each and every expert on planet Earth made the same mistake? Tens of thousands of people, all with Phds and decades of practical experience in the real world, yet not one single person tried (or dared) to stop it?
I’m posting this in GQ because (even though there is no factual explanation for to stupidity), I want to learn the facts that the bank managers relied on while they were being so stupid.
What was their logic when inventing all those new financial instruments? They knew that the whole system they invented was just as unsustainable as a Ponzi scheme.
Or am I wrong, and maybe there actually was a factual, logical reason to think that the system could continue forever?