@bluesuedeshoes The banks made the loans because they knew the Fed's would buy them regardless of how awful they were. Greed? Yes. My point was WHY & HOW was there a system put in place to absorb all these bad loans? That the taxpayers were backing no less.
..."You had the authority to prevent irresponsible lending practices that led to the subprime mortgage crisis. You were advised to do so by many others"... That's awesome. Something like Bill Clinton and Fannie/Freddie. Hey go make loans to folks who have shit credit and make a lot of em. Because altruism - unchecked - is so much better than greed - unregulated.