The scale of the market is so huge that you would have to believe that the entire finance industry is composed of idiots for that to be true. These securities a

The scale of the market is so huge that you would have to believe that the entire finance industry is composed of idiots for that to be true. These securities are not rocket science. They were sub prime mortgages that had a certain historical default rate. People ignored those rates all over the place and levered up. That is not fraud. That is greed. Did fraud make it worse? Probably, but you can debate how much since people were willingly taking these risks anyway. We all knew it would end, and that it might end dramatically. But we didn't know how or when that would happen, or how bad it could get.