Paul Mason writes in Meltdown that it was the securitization of debt that caused this mess. By debt, he means all debt, not just debt from the housing bubble or HELOC. It's a worthwhile read, along with Chimbu Chuckles' contributions, and 404 Titan's, of course. Accolades aside, the deleveraging has only just begun and will affect every single one of us. No-one will be able to dodge the bullets. There is nowhere to hide. To think otherwise is quaint, but akin to dodging raindrops.