history repeats

Could Lehman's Failure Cause a Systemic Meltdown?

the criminals are the bankers who leveraged themselves to buy ABS backed by guys working at the 7-11 making payments on a macmansion.

U.S. Treasury to Make Open Market MBS Purchases

this has already ended up very badly, due to the private sector managers in the banks and brokers who snorted subprime paper like crack.

the gvt screwed up big time all right - by buying into the voodoo economics of 'regulation is bad'. any common sense regulatory action would have reined in the insane behavior of the bankers long ago.