Yep. No one's hands are clean in this mess. I'm all for deregulation - to an extent. It seems that the banking industry was a whole lot more stable - perhaps less sexy, but more stable - when there were more regional banks, and less of these Goliath mega banks.
Also, mortgages really became a mess when they were allowed to be securitized. Before, mortgages were locally originated and locally serviced. If a borrower got into trouble, they had a better chance of going through loan workout, as opposed to instantaneous foreclosure. Sure, there were fewer loans made, but banks made sure that the borrowers were lower risk because the bank held onto the paper for a much longer period of time.
Let’s just get to the point. Marxists want total state power not because it’s good or because it works, but because the idea of government domination seems to fulfill something inside them that they have no clue about.
Being a leftist is kind of like being valedictorian of a school for students with mediocre intelligence.
Your take is correct. Please see post #29 for more of my view