Dear DA,

Even without really understanding the current “financial 9/11”, one can pick up a sense of fear, panic and uncertainty.

Blame for the crisis is attributed to “greed and fear”…or insufficient regulation…or too high bonuses paid to financial whizz kids…or irresponsible lenders pushing cheap loans…or irresponsible individuals accepting them…and so on.

But the crisis also needs a deeper structural analysis of how financial markets have changed over the past 2-3 decades – because it is these changes that lie behind the current financial meltdown, particularly those changes associated with “new financial instruments” and “vehicles” such as derivatives and private equity.