Not much of a surprise here but it is the 'official' government finding. The lesson is it could all happen again as not much has changed. And what has changed the Republicans want to undo. Financial Crisis Was Avoidable, Inquiry Finds WASHINGTON The 2008 financial crisis was an avoidable disaster caused by widespread failures in government regulation, corporate mismanagement and heedless risk-taking by Wall Street, according to the conclusions of a federal inquiry. The commission that investigated the crisis casts a wide net of blame, faulting two administrations, the Federal Reserve and other regulators for permitting a calamitous concoction: shoddy mortgage lending, the excessive packaging and sale of loans to investors and risky bets on securities backed by the loans.