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Cognitive Biases are constant

Human cognitive biases have not changed much over the last thousand years, let alone the last ten years.  Therefore, they may have amplified certain aspects of the crisis, but can not be the sole explanation.

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The Global Financial Crisis
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Long-term causes of the financial crisis?
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Human cognitive biases
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Cognitive Biases are constant
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Forms of human cognitive bias?
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Homebuyers saw rising house prices as natural order
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Investors underweighted systemic risk
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Lenders overconfident in their ability to manage risk
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Regulators overestimated their powers of insight and response
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