Sharpe's Opinion

“Often imprudent, and not seldom dishonest”

Signal vs Noise with another quote which seems to describe the Credit Crunch remarkably well, despite being more than a century old:

The financial crisis in America is really a moral crisis, caused by the series of proofs which the American public has received that the leading financiers who control banks, trust companies and industrial corporations are often imprudent, and not seldom dishonest. They have mismanaged trust funds and used them freely for speculative purposes. Hence the alarm of depositors, and a general collapse of credit.

— the Economist, 1908.