How did recession start?

You're right, there is no 1 cause. It's like blaming a cigarette butt for a forest fire. Large destruction can occure when the conditions are unstable enough. Unfortunately, For a complete answer to this question you'll need to get a PhD in MacroEconomics to even have a prayer of understanding it. Thousands of variables are involved. Anyone who answers with "I KNOW!!! IT'S __________" is playing the blame game.

To many people bought homes with creative financing.

1. Your government is printing money that isn't 100 percent backed by gold, and hasn't been since 1933 (no gold in since 1974). The dollar is losing its power as a global common exchange. China last week called for a new standard. 2. Banks have been trying to suck money out of middle and lower class with credit, yet the people are receiving less and less for their dollar. It is a crisis point now where the blue collar money cannot save the white collars and bourgeoisie in the US. 3. The last regime maxed out giving away trade secrets and jobs overseas, giving the power of business away to where we cannot make up the difference. 4. There is already a design to introduce a common currency between Canada, US and Mexico, called the amero, to replace the US dollar. No one cares with a fortune whether the US dollar lives or dies.