“I made a mistake in presuming that the self-interest of organizations, specifically banks, is such that they were best capable of protecting shareholders and equity in the firms.”
http://asociologist.wordpress.com/2008/10/27/greenspans-flaw-not-just-significant-also-ginormous/
As I understood it another fundamental is that over the last 30 years the true earnings of an average worker have not risen and the gap between that and increasing consumer spending has been made up by borrowing. In other words we all settled for debts instead of pay rises.
I think the difference now to the depression is that in the depression they just let all the banks go to the wall, taking everything/body with them. I think half of US banks went bust.