These options aren't mutually exclusive. Yes, there are bad operators out there. But there are also cases, I believe, like I outlined. The danger of ignoring

These options aren't mutually exclusive. Yes, there are bad operators out there. But there are also cases, I believe, like I outlined. The danger of ignoring it is that if we blame really bad outcomes (like the banking crisis) on a malicious plot by a bad player, it's too easy to dismiss as a one-off event when the problem may be systemic.