I'm not sure I agree much with the video. Everybody has a description of what caused the economic problems, yet strangely most of them are not economically sound. These sorts of things are so culturally pervasive that anthropologists and geographers seem like they should get a say, but the problem usually just boils down to a few technicalities, which appears to be the case this time too.

According to what I've learned from the most credible economists I've found, in a nutshell, the crisis (there were several different ones caused by different things, but whatever) was caused by contractionary monetary policy and regulatory moral hazards. Basically moral hazards created by government regulations that let lenders know they wouldn't have to foot the bill for a bad loan, and monetary policy that failed to loosen enough to keep NGDP growth stable. It's a mixture of the government trying to keep bad things from happening (so it does things like guarantee deposits), the government trying to make good things happen (like spurring growth through home ownership and construction), and the Federal Reserve over-learning the lessons of 70s stagflation. The saying is that generals are always fighting the last war. It's true even with political policy, and the Fed basically created the Great Recession by not adequately recognizing the differences of stagflation and the Crisis of 08. Fortunately for us, the Fed is moving in the right direction, especially the coming Yellen Fed