From 60 Minutes on Sunday, video here: the banking crisis is the fault of the mathematicians and physicists, who went to work on Wall Street and invented some complicated models. The "financial expert" says that "you can't model human behavior with math". That may be true with our current mathematics, but I suspect the fault doesn't lie with the modelers so much as with the people who went ahead and thought the models were perfect.
Although there are rumors that a lot of the models basically worked on the principle that defaults on mortgages were independent, which is so obviously false that you'd fail a freshman who said it. (Basically, when the economy gets bad, more people can't pay their mortgages. The effect is larger because there are adjustable-rate mortgages, and everybody suffers roughly the same adjustments.) I would not be surprised to learn that the problem here is that Conditional Probability Is Subtle; the quants may very well have known their models were flawed, but the suits didn't want to hear it.
I just hope this meme dies out quickly and doesn't gain traction. Our PR already isn't so good.