As for being wrong, depends on what you are talking about. I think the economic and global factors are very complex and deep.
I don't think these things are an 'either/or' situation. Too many permutations and participants at different levels. For instance, the economic factors that percipitated the current global economic crisis were largely kept hidden and not subject to transparency, or outside judgement (thinking of quality and extent of credit swaps and mortgage securities). The regulators stifled any examination (Greenspan, Wall St and government bureaucracy). Everybody is on alert now, and though it may cause jitters it is our best protection.
