We learned that there are two central claims about the main causes of the 2008 financial (specifically banking) crisis i

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We learned that there are two central claims about the main
causes of the 2008 financial (specifically banking) crisis in the
United States. The first claim posits that the development of
complex financial derivatives—particularly the development of CDOs
and the securitization chain enabled by these CDOs (through the
packaging of mortgages and selling them to investors)—as well as
the subsequent financing of subprime mortgage loans by large
investment banks as the main (and immediate) cause of the 2008
financial crisis. Put differently, this viewpoint argues that
powerful investment banks on Wall Street “caused” the banking
crisis.
The other claim, however, focuses largely on weak regulation—or
progressive deregulation—of the banking sector by successive (i.e.
Clinton and Bush II) administrations in the US contributed to the
2008 financial crisis. In other words, this perspective suggests
that weak policymaking epitomized by financial and banking sector
deregulation by government caused the recent financial crisis. Are
these two claims complementary or are these competing arguments
that can account for the *securitization chain* that triggered the
2008 Financial Crisis in the US? Please state and defend
your answer in no more than 1.5 typed double-space
pages.