I struggled for some time to understand what went wrong in the economic collapse.
I listened to a great deal of debate about who should be blamed.
The suspects for the collapse were speculators, mortgage bankers, the FED, Wall Street, Washington D.C., and borrowers.
It turns out the collapse was caused by all the above.
Here is Peter Schiff at the Mortgage Bankers Speech from 2006, with one of the best explanations for the crash before it happened.