What Really Caused the 2008 Financial Crisis?

In a recent post, I mentioned the McCuistion Television Program, six part series on the financial crisis that I and several of our Bank Whistleblowers United team, (Michael Winston, William Black and I), participated in.
Michael and I, along with Rashad Abdel-Khalik, PhD:  Professor of International Accounting at the University of Illinois and  C.R. “Rusty” Cloutier: MidSouth Bancorp, Inc, Founding President and CEO, joined host Dennis McCuistion in the third in the series which justrecently aired, part two, of “What Really Caused the 2008 Financial Crisis?”
Our fellow panelists had diverse experiences and viewpoints. However we were in agreement on several key points including that the crisis was caused by more than just lowered underwriting standards. In fact, while that was a contributor, it was also a convenient excuse. The seven largest banks involved, the Too Big To Fail, committed fraud, and walked away. 
Michael addressed the lack of accountability in a reference to the “balance of consequences” – people do what they are rewarded for, not what they are punished for. He asked, “But what if the incentive system rewards you for doing the wrong thing and punishes you for doing the right thing?” And that’s what happened.

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