One is the “perfect storm” position: there were very many failures, misperceptions, informational asymmetries, and complexities, as well as much repugnant behavior, but it never occurred to market participants, regulators, or academics that the aggregate effect would be a near-collapse of the system. Critics of that argument maintain that sophisticated players understood the systemic risks, didn’t care, and cynically played the game that they helped to create – in some cases for enormous profit.