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Re: 2. My guess is models and willful ignorance driven by herd mentality and gobs of greed. I think these are both valid perspectives. I'm not much for conspiracies (I have a hard time giving that much credit), but any physicist worth his/her salt should be able to entertain very sophisticated ideas about what would disrupt any modeled system. I would be very surprised if some of the same physicists that wrote trading code, didn't talk over beers about how it would all come tumbling down. I mean, that is the next interesting question. How does it break? I am sure old fashioned investors still can't understand the basis for many trades.
re 3: After reading Clinton's autobiography, I got the sense that he did believe that it was imperative that the US get out in front of a new global economy. I don't know who sold the notion to him, or if it was his own, but I think he felt that aggressive new strategies to trade and banking had real merit. He blames the Republicans for a lot, but I don't recall him ever complaining about repeal of the Glass Steagall act or ideas around it. The Lewinsky impeachment had passed the previous year, right? Btw, these points are strong ones. No need for 'nut', IMO.