What would have ameliorated the “crisis” would be for Dubya to have said in 2005, “Any institution which accumulates a portfolio of mortgage backed securities does so at its own risk. The term “bailout” will be used in my administration only to refer to what my dad does on his birthday.”
Of course, he did not do so, and that’s not surprising. What is surprising is that after eight years of Obama, we still have legally designated TBTF banks, who can probably invest in Beanie Baby Bonds and still have the taxpayer cover their losses.
