, Columnist
Bad Explanations for the Financial Crisis Won't Die
Sorry, but the simple explanations don’t hold up. The causes were many, complex and interrelated.
It’s out there somewhere.
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Sometimes, when you lose a debate, you have to just let it go. That seems to be a problem for those who are unwilling to accept the complex realities of what actually caused the financial crisis.
I have been saying for a long time that many elements contributed to the global financial meltdown. From ultralow rates to misaligned incentives to radical deregulation to changes in the business models of the credit-rating companies to plain old bad decision-making by homebuyers -- the list is long.