You just watched a video in which President Obama announces his plan for financial regulatory reform.According to President Obama, what are the reasons for the financial crisis?

Answer:

According to President Obama, the financial crisis was caused by a breakdown in oversight and a lack of accountability within the financial system. He cited outdated regulations that failed to keep pace with modern markets, reckless risk-taking by financial institutions, and a culture of irresponsibility that involved both predatory lending and consumers taking on more debt than they could afford.