It wasn’t just bankers, we all played a part. But top of the list of immoral players are fiduciaries. The US Senate Subcommittee investigating the financial crash of 2007/8 highlighted emails by top investment bankers who were short selling the mortgage security market as it declined, while publicly obfuscating the hole in the financial system. Not surprising, but infuriating and unethical. Unfortunately not illegal. And the system is not changing. The global financial system is being resurrected as it was before with inherrent moral hazards.
Is there hope for change? Yes, open media and personal choices about investment and consumption can change the system. But that means all of us, individuals, must make more enlightened and less selfish choices. And that is going to take time or catastrophe.