No the GFC is wholely on the institutions/regulators/banks as so much crap was badged as good investments and there was too much of it in the system for them to ultimately handle. That said at an individual level you need to have an appreciation of your own financial status and what you can afford - not just say yippe I got the loan and the thing I wanted but not have any idea how you are going to pay for it down the track. Quite frankly if you are too dumb to manage your own financial position then you should be ineligible for any sort of credit.
