SW + 1

The banks had no business loaning money to those who clearly could not pay. They would never have done so had they intended to keep the loans themselves. They knew they were writing very risky loans and didn’t care because they saw a way to bundle and sell the bad loans and make a quick buck. Every manager that ordered his staff to ignore prudent income and collateral requirements should be fired. They ignored the basic principles that stood banks in good stead for centuries. The investment banks almost destroyed our economy, caused the loss of millions of jobs and ruined countless retirement accounts. They should pay a heavy price for that. Many Americans do not believe they paid enough or learned their lesson.

I find it incomprehensible that many politicians now want to roll back the new financial reform regulations. It’s clear that liaise faire did not work.