There were several dozen people killed from that crash too.. it went straight into the crowd. From what I read there were several factors that contributed, including:
- Manuevers were not performed properly (it looks like he came out of his loop at too low an altitude) - pilot error
- Aircraft was overladen with fuel - again pretty much pilot error since he didn't adjust his manuevers in accordance with the fuel load onboard
- Improper flight plan
- Failure to stay outside of crowd zones during manuevering
In the second camera angle you can see that once he rolls out of the loop he is totally fucked, and knows it too. You can see the vapor coming off the top of the plane because he is pulling as hard as he can but it's too late at that point. He lost way too much altitude during the roll.