The recent report of the Financial Crisis Inquiry Commission blamed all the usual suspects — Wall Street banks, financial regulators, the mortgage giants Fannie Mae and Freddie Mac, and subprime lenders — which is tantamount to blaming no one. “Reckless Endangerment” concentrates on particular individuals who played key roles. --NYT Sunday Book Review
In particular, "when the Clinton administration called for a partnership between the private sector and Fannie and Freddie to encourage home buying...[T]axpayers were unknowingly handing Fannie billions of dollars a year to finance a campaign of self-promotion and self-protection."
In our mixed economy, statists like to blame capitalism---when it is actually the toxic mixture of free markets and government intervention that is so destructively destabilizing.
For explanations which counter "market failure" theories of our recent financial crash, read the rest of the book review, and then consider reading the book.