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What are mortgage-backed securities (MBS) and credit default swaps (CDS)? What role did they play in causing the 2007 - 2009 financial crisis? Free-market capitalism

What are mortgage-backed securities (MBS) and credit default swaps (CDS)? What role did they play in causing the 2007 - 2009 financial crisis? "Free-market capitalism dictates that markets create efficient solutions and businesses that fail should be left to fail." Carefully analyze this statement in the context of the 2007 - 2009 financial crisis.

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