If you think that’s the main cause, you’re an economic ignoramus..
I am actually well schooled in economics. I found that I had to learn about finance on my own as it's a treacherous subject.
But it doesn't take a rocket scientist to know that there were very knowledgeable people in both the Bush Admin and the Republican Congress that not only saw it all coming, but had the power and INFORMATION to stop it.
Easily.
Regulatory control.
Political control.
Legislative control.
Hell, they even had absolute control over who every Fed Bank President would be, but the Chairman as well.
While I'll praise your efforts toward a virtual Congress, I'll not shy from this debate.
Republicans had total control of every lever of power during the period of the greatest excesses and they knew what was happening.
They chose to get paid instead of doing anything about it.
The Gramm/Clinton bill was just the supporting mechanism that provided legal cover.