We have had books describing the crisis – the fly on the wall accounts. Then we had a spate of books excoriating the immediate suspects – bankers, rating agencies, the Fed, Fannie and Freddie, etc. Now we have had time to digest the information, we can step back and analyze what went wrong. And while the search for culprits will go on, we need to understand why the system broke down and what steps we need to take to make sure this crisis does not happen again. Given the debt we have, we cannot afford another crisis like what happened, certainly not for the next generation at least. And nothing I see convinces me that we have learnt the right lessons from this crisis. This was not a crisis where only the private sector was to blame or only the government was to blame, it was a crisis caused by the faulty interface between the two.