Unfortunately, however, sociologists are just as likely to employ statistical models akin to economists and physicists when attempting to understand the financial crisis. Moreover, being “almost entirely data-driven” will lead sociologists to conclusions that are more question-begging than elucidating.

That said, I agree with your overall argument that a new approach is needed in order to understand the financial crisis (and this new approach should not employ systems theories). Hopefully, however, that new approach emphasizes thin theories – e.g., the tools of rational choice and network analysis – and thick descriptions (e.g., intensive interviews with mortgarge brokers and homeowners; a detailed exploration of the public opinion of minority homeownership in the late nineties through the present; and an historical look at the creation, operation, and promises of Fannie Mae and Freddie Mac)