Is banking Industry Responsible for the present Economic crisis revised

Are the banks to blame for the global financial crisis?

Background

Many factors are thought to have been behind the global financial crisis that started in 2007. The crisis in the first place is thought to have started with the US sub prime mortgages. Experts place different weights on different causes. The different causes are complex and interdependent. There are also competing political, economic and organizational interests. All these, have resulted to a variety narratives describing the causes.  One category of the causes of causes created a vulnerable financial system which includes complex financial securities, imbalances in international trade, and a reliance on short term funding markets. Other causes increased the stress on this vulnerable system. This stress was in the form of high corporate and consumer debt levels. In aIDition to these, other stresses represent the shocks to the already vulnerable system, such as ongoing foreclosure crisis and the failures of the key financial organizations. Other causes of the crisis relate to the stock market or the real estate market while others relate to the global economy more globally (Feldstein, 47; Theodore,233).

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