When Roberts walked through the financial crisis in order to set the stage for the discussion, he talked about the crisis being brought about by the collapse of the housing market in 2007. Fama interrupts Roberts and says the recession may have been brought about by a number of things including the stock market crash in late 2008. Roberts, a little confused, says, "So, you are going to reverse the causation". Again, Fama interrupts and says, "I'm not saying I know. What I'm saying is I can tell the whole story just based on the recession. And I don't think you can come up with evidence that contradicts that. But I'm not saying I know I'm right. I don't know. I'm just saying people read the evidence through a narrow lens... And the rhetoric acquires a life of its own.."
Finally, an economist - Nobel Laureate no less - finally admitting that he doesn't know the cause of the financial crisis. It seems as if everyone has an opinion and, to steal a phrase from Fama, the rhetoric starts to acquire a life of its own.