The Global Financial Crisis (GFC) of 2007, will someday be known as the 'Financial Crash of our Generation'. If you are old enough to voluntarily read this website, then 'our generation' means you! I expect that future historians and economists will banter endlessly about the Global Financial Crisis of 2007, why it happened, and how to prevent future GFCs.
Our descendants will learn about the GFC in much the same way that we learned about the Great Depression of 1929 , or Black Monday, of 1987. Historical evidence is contestable, circumstantial and biased. Anyone you speak to will have seen the GFC from their own perspective, this is mine.
Minsky model - too much cheap credit
misalignment of incentives
lack of training / financial knowledge to mortgage and all financial salespeople