well, you may be right. I saw a FrontLine report that seemed very credible on it, but https://www.forbes.com/sites/timworstall/2012/02/13/black-scholes-didnt-cause-the-financial-crash/#3948bfa458d9 this Forbes opinion agrees with you. http://www.bbc.com/news/magazine-17866646 THis BBC article says the opposite.