But it didn’t take long to realize that this was hardly the financial equivalent of the WikiLeaks cables. The F.C.I.C. report has its strengths — and its weaknesses. It adds color to the fraudulent actions, regulatory missteps and Wall Street mendacity that we’ve long known about. What it doesn’t do, though, is propose a satisfying theory that explains why so many people did so many wrong, and wrong-headed, things in the years leading up to the financial crisis.
Partly, I wound up thinking, it’s because the events of September 2008 are still too raw and recent; truly, it will be decades before we can achieve anything approaching real perspective. But there is a second reason as well: the “why” is so obvious that it remains hidden in plain sight.
This is C.I.'s "Iraq snapshot" for Friday: