What Caused The Financial Meltdown Of 2008?

Throughout the past years, historians and economist have been asked the never ending question as to "What caused the financial meltdown of 2008?" Nobody seems to know its true origin because the banking system within our government is so corrupt. It's impossible to pinpoint the exact reason for the meltdown but here are many different aspects as to what caused the meltdown and we haven't found the finger to point at yet because everyone is pointing it at each other. The banks blame the government and the government blames the banks and the people blame the banks and the government resulting in "nobody knows" or my personal favorite, "It's simple, it's complicated." "Nobody knows" is not an adequate answer for me so in my opinion for the causes

They were looking for any loop hole in the system they could find to put more money in their pocket. The loop hole they found was the Glass-Steagall Act, which was essentially a barrier provided by the government to protect the people who store their money within the banking system their money and ultimately kept large different types of financial institutions separated. The terms for this act was that the banks were not allowed to merge with investing companies because in time the banks will "invest" their money into the large investment companies with no moral hazard and will essential spend money they don't have and unable to return. According to Steve Bartlett in Money, Power, and Wall St. He says, "If you want a strong economy, you have to have financial services companies that are safe and sound and able to lend and able to finance their customers." Without this Banks will supply money to the wrong people and acquire toxic waste assets and will result in a financial crisis called "The Meltdown on Wall

When Frontline interviewed the bankers, each and every response was "It's complicated" or "We didn't know". I find it kind of funny they say that because they knew exactly what they were doing because it was called financial deregulation. What does an infant say when they mess something up "I don't know", it was exactly the case with these banks. They were the reason for the meltdown. They fixed the system so the government couldn't watch and regulate what they were doing. There was specifically a bill passed after the great depression to prevent such disasters and the banks went around the system and got the Glass-Steagall act repealed in 1999 allowing banks to merge with the largest financial firms creating the Too Big Too Fail problem. Many others say that it was congress fault for the Meltdown. According to New York Mayor Michael Bloomberg after responding to a question about Occupy Wall Street, he claimed, "It was not the banks that created the mortgage crisis. It was plain and simple, Congress who forced everybody to go and give mortgages to people who were on the cusp." To a certain extent he is right but going so far as to say it was only congress fault is absurd. Both parties chose to manipulate the system and make more money and the banks were in charge of all the documents. It is the governments fault for not having intervention within