As the author writes:
These comments show that the central bankers knew exactly what was going on, a full two-and-a-half years before the big bang. All the ingredients of the looming disaster had been neatly laid out on the table in front of them: defective rating agencies, loans repackaged to the point of being unrecognizable, dubious practices of American mortgage lenders, the risks of low-interest policies. But no action was taken. Meanwhile, the Fed continued to raise interest rates in nothing more than tiny increments....IMO (and I just heard White on the video say essentially the same thing!), they ignored the warnings because capitalists are sociopaths who are motivated by private short term gain and there were huge gains to be had. The system inevitably filters out normal people who have a social conscience and care about future generations and a healthy earth.