If borrowers can't control themselves, then the lenders should. The crash happened because of untested CDO's (broadly) and at the heart of that was people borrowing vast sums against worthless properties. These people very promptly blamed the bankers - when really it was their fault for borrowing more than their properties were worth.
Indeed..
When we lived in Germany in the 90s the bank controlled all your credit. Any and every application, car loan, credit card, store card, whatever, had to go through your bank and they and they alone made a call on your ability to pay.
Oh, each person could only have one bank account.
