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I would say all of the above. No doubt investment banking and the creation of new instruments increased the stakes, but not borrowing money for fiscal stimulus when it was super cheap was colossally stupid on the part of the U.S. legislature. If our government was partially functional, they would have borrowed money at very low rates for tax breaks and infrastructure spending and gone home to their constituents and play up the one that was part of their respective easy-to-chew platform.