that's the premise he was given by Fanny and Freddy when they asked him to consult - nothing wrong with such a goal. But after he looked into their scheme, he gave them his opinion: "I offered them advice on precisely what they didn’t do,” he said. “My advice as a historian, when they walked in and said to me, ‘We are now making loans to people who have no credit history and have no record of paying back anything, but that’s what the government wants us to do.’ As I said to them at the time, this is a bubble. This is insane. This is impossible.”
and that's the rest of the story. But never let the whole truth get in the way when a half-truth serves your purpose.
Duh -