The 2008 financial crisis and the ensuing Great Recession gave rise to populist movements on both sides of the spectrum. Occupy Wall Street, on the left side, argued that the crash had been caused by bankers, who hadn’t been sufficiently chastised for their greed; the Tea Party, on the right side, insisted that the real villain was a government that was too big and too willing to bail out hapless homeowners. Did the existence of critics on both sides prove the Great Recession was an example of elite failure?
The GR was the result of three massive failures. First, millions of Americans, including realtors, bankers, and homeowners, got too greedy; as the saying goes, if something looks too good to be true, it probably is. Second, the government, largely as a result of GOP-driven deregulation, was unable to put a stop to the creation of a financial system that was getting out of control. Finally, financial institutions and ratings agencies made mistakes that made it impossible for investors to properly assess risk. The opacity of the system created by all of those actors caused it to crumble.
In short, there was elite failure in 2008 and thereafter, but some blame can also be attached to millions of Americans who cannot reasonably be described as elite.