The recession was caused by injudicious ad ridiculous mortgage lending in the US, nothing else, and the global nature of finance spread the rot around the globe.
Sorry, are you living in 2008 or 2010? In 2008 some people still believed that it was only caused by US mortgage lending.
In 2010 (almost) everybody knows that the causes are deeper and involve UK lending, Spanish lending,
books cooking by banks and hedge funds, etc.