It seems to me that what has happened is that we have been swindled. The marketeers in New York have created increasing risk and pretended to mitigate those risks through diversification, and by so called creation of liquidity (yeah, in your pants). Then these risks were repackaged, "innoculated", and sold as safe. They were toxic shit sold as creme brulee.
The chefs controlled the accounting firms, the regulators, the rating firms, the major media, and the business schools. Q.E.D.
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