When I took statistics in college my didn't put so much emphasis on whether we knew the formulas our not, he cared more whether we were able to argue our interpretation of the numbers. He told us that computers and calculators will do a better job of crunching the numbers for us, but it will never be able to do what a human does best: interpret that data based on facts, morals and experience. Most important is the moral judgement. I believe that the market failed because of the lack of moral fortitude of enough people in the market sector.