The financial crisis of 2008 was caused mainly by government-induced distortion of markets rather than caused mainly by intrinsic market failure
For the affirmative:
John Allison is an Executive in Residence at the Wake Forest School of Business. He is a member of the Cato Institute’s Board of Directors and Chairman of the Executive Advisory Council of the Cato Institute’s Center for Monetary and Financial Alternatives. Allison was president and CEO of the Cato Institute from October 2012 to April 2015. Prior to joining Cato, Allison was chairman and CEO of BB&T Corporation, the 10th-largest financial services holding company headquartered in the United States. He was recognized by the Harvard Business Review as one of the top 100 most successful CEOs in the world over the last decade. He is also the author of The Financial Crisis and the Free Market Cure: Why Pure Capitalism Is the World Economy’s Only Hope.
For the negative:
Mark M. Zandi is chief economist of Moody’s Analytics, where he directs economic research. He conducts regular briefings on the economy for corporate boards, trade associations and policymakers at all levels. Dr. Zandi is a cofounder of Economy.com, which Moody’s purchased in 2005. He is also the author of Paying the Price: Ending the Great Recession and Beginning a New American Century, which provides an assessment of the monetary and fiscal policy response to the Great Recession. His other book, Financial Shock: A 360º Look at the Subprime Mortgage Implosion, and How to Avoid the Next Financial Crisis, is described by the New York Times as the “clearest guide” to the financial crisis.