As reporting turns to reflection about the financial collapse, The Washington Post's Howard Kurtz talks to journalists about how no one saw it coming.

Along with the system, CNBC's Charlie Gasparino says business reporters "all failed," as well. "What we didn't understand was that this was building up. We all bear responsibility to a certain extent," he said.

Kurtz talks to others, like his new boss Marcus Brauchli (formerly of the Wall St. Journal) and PBS' David Brancaccio.

"We journalists have had a long history with accepting what the smart people hand down to us, especially on complicated stuff," Brancaccio said.