[dragonwriter]

> it's the mean evil banker who gave them a tool to shoot themselves with

Well, since that tool was largely fraud from which the bankers expected to profit (and did, in the short-term, until they got taken down by the rest of the industry doing the same thing) by externalizing risk, yeah, it is.

[gazzer1]

I don't recall anyone getting prosecuted for fraud even though the democrats would have dearly loved to have done so. The bankers packaged mortgages and made a profit just like they always did. The difference was, local banks were pressured to loan to people with dreadful credit, and the guarantees by FNMA and the optimistic ratings by S&P made it easier to package and sell the mortgage backed securities. In the end, the homeowners got to default on their mortgages but the bankers lost their livelihood.

You're putting the blame in the wrong place. I'd start by looking at FNMA. Don't take my word - read up on it.