It’s been seven years since the last financial meltdown. Let’s consider the situations that generated the meltdowns of the past 30 years and ask whether markets have changed. Finance is a quantitative discipline. Yet during past twenty years, the mathematics of finance has become so complex and integral to the understanding of financial products that few who buy, sell or create the products of Wall Street understand the ramifications of the assumptions imbedded in the products being sold. An analysis of the role of the quants in the recent history of financial innovation and market meltdowns is illuminating. In particular, a review of the role of derivatives in the meltdowns since 1987 is useful to understand.