Phil Swagel on the financial crisis

Phil's comments are disguised as on-target movie reviews of Too Big to Fail and Inside Job. He makes the good point, well worth repeating, that one should not assume malevolence when ignorance and incompetence will do as an explanation.

Via: Greg Mankiw

Full disclosure: Phil is the husband of a friend and former colleague of mine, though I think I've only ever met him once.