Say for example most of the people of the world were good in probability and statistics in the year 2008-2009.

My question is hypothetical.

Would we have been in the financial meltdown in the year 2008-2009 which was due to housing market collapse because of the direct result of the overwhelming sub-prime mortgage and foreclosures?

At that time hundreds of thousands of houses were foreclosing per month.

The small lenders were lending the money at a level that was beyond the limit of a normal interest rate. They were lending money who had a bad credit score.

If all the bank employees and administrators who dealt with mortgages were more strict and aware of risks and probabilities and combinations and permutations do you think we would be in the crisis that we were in at that time?

I am asking this because I came across this video by Ted(3 minutes) where Arthur Benjamin says that statistics and probability should be the apex of the all the branches of Mathematical pyramid and Calculus should be next to it.