Of course it didn’t, right?
That question may not be as facetious as you might think. However David Nutt, a neuropsychopharmacologist, says otherwise. Yes that is his actual name and his actual profession, I did not make it up. He argues that a coke binge is what actually caused the meltdown. Did I forget to mention that this is the same fellow who claimed that ecstasy is as safe as horse riding?
He isn’t completely wrong about his most recent claim either, the use of cocaine and other drugs is very common in the financial industry. Some at Wall Street firms even have employees keeping small bottles of antacid of it in their desks. Ritalin and Adderall are also fan favorites because of their obvious effects on productivity and because they are legal.
Obviously this study is an obvious long shot but it can’t help but make you wonder if the high intensity environment filled with drugs had at least little portion of the blame.
Did the need for thrills influence some of the risky decisions in the financial crisis?
Or should Mr. Nutt just find a shorter job title?