The 2008 crisis caused a recession that rivalled the Great Depression of the 1930s, drove US unemployment up to 10% and burst a housing bubble that was both tragic and almost beyond parody: people with no income, no job and no assets were being given mortgages to buy homes they couldn’t afford.
The Observer of course.
The error? The housing crash came first. It was the realisation of it that caused the financial crash and the recession. And even without the financial crash on Wall Street there would still have been a recession.