3. Avoid over-inflation of prices

The root cause of the sub-prime mortgages was the necessity for people to buy houses at unrealistically high prices. As a future recommendation then, better controls should be instated not only within financial markets, but within all sectors. The scope of these controls would be that of ensuring that the retail prices implemented, within the real estate sector as well as in any other industries and sectors, are realistic and pegged to the true costs.

4. Recognition of mistakes (or their possibility) and acceptance of the role of others

The United States perceives itself as the most powerful and developed nation, which it is, but we do seem overzealous at times and do not accept the possibility of being wrong. Yet, as this crisis has shown, we are not invincible. So another lesson is that of learning from the mistakes.

Additionally, in these times...