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I watched the video and I will reserve judgement.
He must have hit wall after losing the wheel so I'm not sure that could have been avoided.
If the car was unsafe that is on the track tech inspection. 
If the guy would have lifted sooner a lot of the carnage could have been avoided. He still had his foot in it when he lost the tire and then proceeded to drive it into the other wall. The vidieo actually spares you the worst of it.
Getting old just means you were smarter than some and luckier than others.
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