And this was done because all of the those high paid banking executives are all stupid, right ????? Or was is really because of laws passed back in the mid 90s that made it darn near impossible for banks to turn down mortgage applicants - part of the "Every American Deserves a Home" drive by the cigar man. We need to make sure all of the pieces of the puzzle get up on the table here. Yes, almost the entire economic downturn was somehow related to the housing market crash and yes, there was lots of screw ups by the banking industry but there were also government regulations implemented that made it very difficult for them to turn down loans, especially to people in the protected classes.. which these days covers just about everyone. Not to mention it is virtually impossible to evict someone from a home for not paying their mortgages, and everyone knew it. People would go out and buy the most expensive home they could qualify for and then continue to bury themselves in debt for multiple new cars, sea - dos, boats, vacations, you name it, knowing that the last thing they had to worrry about losing was their home.
If GWB was guilty of something it was not undoing the executive regulations that were set in place before him - which may have been because he was a bit busy dealing with some pesty terrorists issues.....