Clearly there was a strong financial aspect to this, but an interesting post by two senior OECD economists over at vox raises questions as to the direction of causation – they point to new figures coming out on US and international labour market productivity as a possible cause, which later fed into debt problems. They are saying that the market missed this; largely because the data for productivity is slow to come out.
Interesting thought – else where I read that it may have been the 2008 oil price spike that essentially was the trigger on an already over the top lending problem. If you look at their figures (particularly for construction productivity) they have a good point.
Hat tip – BankWatch.