From Mandelman Matters **OPINION PIECE**
They finally got it! And geeze, it took them long enough.
I wrote an article TWO YEARS AGO, titled “What Happened on Wall Street and Why,” and it explained the factors the contributed to the unfolding crisis… no, not all the factors, for example I didn’t go back to the origins of securitization, or regulatory changes that were made during the Clinton years, or look to lay the blame on Fannie and Freddie and the CRA (Community Reinvestment Act). Why? Because to do so would have been stupid and I don’t do stupid.
Why would it have been stupid to cite those things, I hear some of you cry? After all, each of those factors did in fact contribute to the crisis in some way. Perhaps some had supporting roles, others talking parts, a few had cameos, and some were merely extras… but they were all in the movie, right?
Of course they were. But so were many other things, and I don’t find it terribly useful to debate and discuss factors that, while contributing, did not contribute in a proximate cause sort of way, or contributed only in hindsight.