The US Financial Crisis Inquiry Commission, tasked with establishing the causes of the crisis, said it was “avoidable”.
Its report highlighted excessive risk-taking by banks and neglect by financial regulators.
Only the six Democrat members of the 10-strong commission, set up in May 2009, endorsed the report’s findings.
“The crisis was the result of human action and inaction, not of Mother Nature or models gone haywire,” the report said.
“The captains of finance and the public stewards of our financial system ignored warnings and failed to question, understand and manage evolving risks within a system essential to the well-being of the American public.
“Theirs was a big miss, not a stumble.”