AbhI don't blame the quants we ship in from all over the world for the GFC. I blame the fact that our own local population - except for the very top - is too badly educated and innumerate to make a robust and informed market in financial products possible. American-educated folks are so easily bamboozled by the local MBAs and real-estate agents (who are also innumerate and thus don't understand what they are selling to the real bozos, ie. American hoi polloi) who are residential real estate, or the portfolio managers in pension funds, compared to the Indian and Chinese grads that Berkeley, CMU, NYU, MIT, Stanford, etc. select for Quant PhD programs, and who end up on the Quant trading desks or product development teams at hedge-funds and IBs.It is not the fault of the brilliant Quants that the products they develop are flogged and then bought by their cognitive inferiors.