Professor Edward Kane:

The thing that worries me about this, having studied crises for so long, is that the authorities never admit their mistakes, as the guide people. Instead, they try to paint themselves as heroes and say how brilliantly they handled the crisis. That is why the seat-of-the-pants decision-making is so dangerous. They look back and say this country had a lot of success in doing it a certain way, which in fact had many problems. I maintain that the handling of the savings and loan mess in the United States helped to create this last crisis.