“that's pretty funny fiedler. The money isn't there, eh? so who's running all the money through the shredder? Not me. It had nothing to do with bad mortgages, bad mortgage-backed securities, credit-default swaps, etc. and even a financial elite that saw the crisis coming but took positions to deceive clients to keep the madness going as long as possible before collapsing in a short-selling frenzy? It had nothing to do with greed, selfishness and the Capitalist condition? That's a real interesting theory fiedler, especially since there isn't any doubt about who's paying to clean up this mess. Sad things is most of the people who know have a pretty clear idea the system is reloading the next crisis just as fast as it possibly can. So there ya go, nobody's responsible for the sudden tripling of the cost of an education in the UK. Pay no attention to that man behind the curtain.”
At least learn a little economics. We’ve just had a boom period where money was offered at too cheap a rate by the central banks, meaning that people ran up too much debt. This was unsustainable, so people now have to reduce debt. People not borrowing is equivalent to less money being available, because the money supply wasn’t expanding so much.
The “financial elite” did not see the recession coming, with a few exceptions (note, not Vince Cable, that was total bs), because a market is very complicated, and the people in it cannot see the wood for the trees.
Furthermore, the fact that people are self-interested is totally irrelevant. I am going to act in a self-interested manner no matter what industry I am in. Why didn’t, say, the market in office chairs collapse? Every manufacturer is trying to make as big a profit as possible for themselves. So no, it has nothing to do with “the capitalist condition”, in fact it was due to the way in which central banks acted with a monopoly on supplying money.
Yes, that there was a crash is someone’s fault, but you’re pointing the same way as the people with a spokesperson, namely the political figures in government and central banks, rather than thinking for yourself, and that is never a good way to be.