Regulation of the financial industry

Would part of that better explanation include a conflict between financial and industrial growth objectives compounded by an anti-tax ideology, pushed by Wall Street, that encourages government to borrow from the rich as opposed to taxing them?

No.
It would be that the Fed kept rates artificially low, fueling a trade in borrowing money, lending it out as mortgages, securitizing them, and selling the bundles to China, et.al. The demand for mortgage paper led to higher housing prices, low rates and poor credit quality. Eventually those loans went belly up.
Sorry to discourage your anti-capitalist fantasies.
 
Assuming former Fed chair Alan Greenspan qualifies as a card carrying capitalist, his waking in a cold sweat at the prospect of hundreds of millions of the world's unemployed, including many in rural China, suddenly becoming employed seems a little cold-blooded even for those who profit from killing children and absorbing pension funds.

When one of the world's most powerful capitalists (at the time) has a panic attack about declining unemployment and rising wages among people making 80 cents an hour, what, then, is the purpose of economic development if not to raise the living standards of the world's poor?

Possibly Sir Alan answered that question in his 2007 best seller The Age of Turbulence when he didn't even bother to offer "...at least a perfunctory paragraph about how his economic thinking was aimed at helping those at the bottom of the social ladder--whether true or not."
 

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