Up & Down Wall Street - Barrons.com
If by 'financial elite' you refer to the solons who dream up regulatory nightmares like Basel II and III and the generous liberal political souls who believe in a free lunch for the poor (let Barney Frank and Chris Dodd and of course the dear president come to mind) - then I would agree.
But, I believe these are the exculpated parties.
As such, you appear to call-to-account the liberal belief in being able to regulate away unpleasantness. So Basel says sovereign debt or AAA paper is like cash. No more thinking needed!
As such, the 'elite' might be and have been more like lemmings and faultless.
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