This crisis exposed very significant problems in the financial systems of the United States and some other major economies. Innovation got too far out in front of the knowledge of risk.

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When I entered high school I was an A-student but not for long. I wanted the fancy clothes. I wanted to hang out with the guys. I went from being an A-student to a B-student to a C-student but I didn't care. I was getting the high fives and the low fives and the pats on the back. I was cool.