The Deprozzarative Base in Silicon Valley Bank

Finance in 2005 was so busy doing financial innovations that they'd almost lost sight of what was at the end of their chain, i.e. real human beings. They couldn't see how cultural patterns on the ground were changing around mortgages and whether it was culturally acceptable to default on them or not. That was one reason why they got their model so wrong about default risk and didn't see the subprime crisis coming. And then you look at other issues like the fact that you had this explosion in digital finance, mobile finance,. which I think probably is changing consumer behaviors in ways that people have been very slow to look at or actually analyze.