In his Keynote Address, Professor Schwarcz attempts to determine the root causes of the subprime financial crisis and critiques the pros and cons of the Emergency Economic Stabilization Act of 2008 (the “bailout”). He suggests three conceptual categories in which to divide the various causes of the subprime financial crisis: conflicts, complacency, and complexity. Examining the causes of the crisis in light of these overarching categories, Schwarcz suggests several ways to avoid future financial crises. .