I can't figure out how to embed the video here so I will just give you a link to video at Economist's View.
Larry Summers argues that, maybe we shouldn't count on the financial industry to explain what went wrong and how to prevent it as they have some egg on their faces. Good point.
Then he criticizes luddites who blame financial engineering by noting that bad things have happened without fancy financial engineering. He didn't mention World War II or the plague, but I have no idea why.
This isn't an argument about the role of financial engineering in the current crisis.