The banking crisis of 1907 that preceded the Great Depression and the recent one in 2008 were both caused by:

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Both crises were caused by risky speculation in real estate and the stock market. In 1907, there was a run on banks due to risky investments in the stock market, and in 2008, the collapse of the housing market led to a financial crisis. A lack of investment spending and high unemployment may have been consequences of these crises, but were not their primary causes. Short-run business cycle fluctuations are a normal part of the economy and do not typically cause economic crises on the scale of the Great Depression or the 2008 financial crisis. Low labor productivity and trade deficits may have contributed to economic challenges, but were not direct causes of these crises.

The Banking Crisis of 1907 That Preceded the Great Depression