Global financial crisis

It appears there is a lot of blame to go around for what happened in world financial markets during the 2008 and 2009. After watching the videos and please write a 2-page response paper (double spaced, Times New Roman) outlining your understanding of the causes and the culprits of the 2008 Financial Crisis. In your paper you should answer the following questions: In your opinion, who is/are the most to blame for the crash? Regulators? Wall Street? Subprime borrowers? To avoid future crises that can arise from asset bubbles like the one we lived through in 2008 and 2009, what in your opinion can be done? Who should be proactive on this topic? Citizens? Wall Street? The government? Video 1 : http://www.cbsnews.com/video/watch/?id=4502673n Video 2 : http://www.pbs.org/wgbh/pages/frontline/meltdown/view/ Video 3 : http://marketplace.publicradio.org/display/web/2008/10/03/whiteboard_crisis_explainer_uncorking_cdos/