Jeffrey Miron of Harvard muddied the waters further by introducing the Rogoff Reinhart neoliberal line: "In asking whether the recent financial crisis could have been avoided, the crucial fact is that crises of various flavors have occurred for centuries in countries around the world. Thus, any explanation based mainly on recent factors—subprime lending, derivatives trading, or financial deregulation—cannot be the whole story. A full account must identify factors that have been present widely, and for centuries." How the Dutch Tulip craze would help illuminate the structural deficiencies of a CDO-squared was left for someone else to figure out.

Philip Mirowski, Never Let a Serious Crisis …, loc. 896