The 2008 crisis cannot be blamed on capitalism because capitalism didn’t exist, and still doesn’t. Under pure capitalism the government exists to protect our life and property rights – not to violate them. The U.S., like Canada is a mixed economy – a mixture of a free market and government controls, and it’s the government controls that caused the 2008 crisis.
The cause of the 2008 financial crisis started in 2001, 2002. The U.S. Federal Reserve set interest rates below the rate of inflation and kept them that way for two and a half years. That is a negative interest rate. You can bet your house that that would never happen under pure capitalism – nobody would pay you to borrow money from them. So guess what happened – people borrowed money – they bought houses which drove the price of houses up. You could literally buy a house for 300,000 and sell it a year or two later for 400,000. And the easy money attracted crooks – real-estate agents that sold liar’s mortgages.
The Federal Reserve was a major cause of the 2008 financial crisis, but not the only cause. There were other areas where the government exercised control over the economy that contributed to the financial crisis. If you’re interested, click on the 13 minute video below.
https://youtu.be/ybFgF5bBcJQ