Most financial people think the whole problem was the rsult of the
financial machinations of the investing system.
True they set themselves up for the crash just like a roadside bomb.
During 2007 oil price was rising steadily. This put increasing strain
on food prices as fertiliser and ethanol diverted food to fuel.
The mortgagees had a choice, buy petrol to get to work, buy food or
pay the mortgage.
So all those sub prime mortgages defaulted and lit the fuse.
When oil topped out at $147 a barrel that was all that was need to
totally crash the economy.