Another Explanation for the Financial Crisis

Peggy Noonan at the Wall Street Journal looks at the people and their mindset to explain the irrational risk taking.

Link: There's No Pill for This Kind of Depression – WSJ.com.

The sale of antidepressants and antianxiety drugs is widespread. In New York their use became common after 9/11. It continued through and, I hypothesize, may have contributed to, the high-flying, wildly imprudent Wall Street of the '00s. We look for reasons for the crash and there are many, but I wonder if Xanax, Zoloft and Klonopin, when taken by investment bankers, lessened what might have been normal, prudent anxiety, or helped confuse prudent anxiety with baseless, free-floating fear. Maybe Wall Street was high as a kite and didn't notice. Maybe that would explain Bear Sterns, and Merrill, and Citi.