A whole generation of policy makers has been mesmerized by Wall Street, always and utterly convinced that whatever the banks said was true. [...]
Of course, this was mostly an illusion. Regulators, legislators, and academics almost all assumed that the managers of these banks knew what they were doing. In retrospect, they didn’t.
Of course these bankers who didn't know what they were doing are now trying to convince people that they are the only ones who know the system well enough to dig us out of this mess. Hmmmm.