As we reach the 10-year anniversary of the Global Financial Crisis many are taking time for reflection and analysis. How did we not spot the Crisis as it was building towards its crescendo? What was it that really went wrong? Have we have learned the lessons of the past? And what do they suggest for our near-term future?
In this insightful video, Gillian Tett, US Managing Editor for the Financial Times, dives into these questions and more, asking whether we have truly faced up to the role that culture played in allowing these failures to occur.
Through a series of interviews with those that played leading roles at the time such as Alan Greenspan of the US Federal Reserve and Paul Tucker of the Bank of England, it becomes evident that the “rational actor” presumption of orthodox economic theory and regulatory policy-making is simply mistaken. As Greenspan puts it succinctly, “I was wrong.”
Watch the video (15 min): Gillian Tett Asks If Banking Culture Has Really Changed