Way too simplistic
It is true that poor lending by banks to property buyers and businesses was a major cause of the current financial crisis. However, it omits the key fact that the banks would not have managed to generate
the credit to finance the lending bubble if it had not been for all the fancy instruments and derivatives such as CDOs and CDSs that made crap lending appear to be gold plated investments. It was the creation of a shadow banking system hidden in off balance sheet SIVs etc that mad the whole shebang possible and 'evil city traders' definitely did play a key role in creating the monster. Of course, now their chums are desperately trying to rewrite history to omit their role in the whole in the thing.