Will Goetzmann, Director of the Yale International Center for Finance, guest lectures in Douglas Rae's Yale course Capitalism: Success, Crisis and Reform. He opens with a history of debt, starting with debt slavery in the ancient world, then moves to real estate financing in New York City before turning to the 2008 financial crisis. Goetzmann presents his own research questioning the standard narrative, arguing the mortgage market collapse may have followed from the broader financial crisis rather than caused it. He walks through data on price growth versus subprime approvals, regressions on 2006 mortgage prices, and evidence for demand effects on loan approval likelihood. The lecture closes with a brief assessment of how much blame different players, from lenders to regulators, actually deserve for the crash. Recorded at Yale in Fall 2009 as part of the Open Yale Courses series.