are these the major root causes of the global economic meltdown in 2009

Tweet

in http://news.bbc.co.uk/2/hi/americas/7992942.stm Robert Demott explains three major causes: rapacious greed, fiscal malfeasance and corporate arrogance My opinion? honestly I had to spend time understanding what that meant. It seems: 1. "rapacious greed" is about a few people or few groups of people taking money from many customers and saying something like "oops there's a problem!" There have been e.g. banks and institutions that make people pay on mortgages and plans. I have yet to understand how it really works... 2. "fiscal malfeasance" seems to be about shortchanging taxpayers money by "greedy" practices. 3. "corporate arrogance" seems to be partly about corporations maltreating customers and majority of its workforce? I can only think about the huge bonuses of top executives... Any care to enlighten on items 1,2 or 3 or all above?