Recession in the USA..is it history repeating itself or result of bad decisions?

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News of USA's economic decline is quite disturbing for many of the countries relying in the interplay of their country's economy with the economy of USA. An interview via Skype was done on the Oprah show. Oprah asked the old couple what lessons do they get out of their condition right now. The old man told Oprah that history repeated itself to remind us of saving. He stated that people who went through the Great Depression were great at saving money and that we seem to forget what his grandpa learned during the Great Depression that is why the recession is happening. A news on CBS also reported that the economic downfall was the result of the lack of women in Wall Street. A female consultant that was asked for an opinion told CBS that most execs in Wall St. were men and as men they are more of a risk taker. She also stated that the decisions that they made were out of impulse and testosterone. Is the recession really a "terror teacher" back on track or ,regardless of gender, a result of bad decisions? What do you think?