Yes and no. It was caused by too much exposure to debt, so when asset prices dropped banks and consumers became insolvent. Low interest rates by themselves wo

Yes and no. It was caused by too much exposure to debt, so when asset prices dropped banks and consumers became insolvent. Low interest rates by themselves wouldn't have caused the recession, although rates probably should have been higher during that time period anyway. Also keep in mind it's only recently that Keynesian and left-wing economics has become fashionable once again...