"That said this situation smells just like then mortgage situation of the last financial crisis or the bad lending of previous financial crises. I've lost count of how many bank crises I have gone through but they all have the same nature. A lending practice that starts off as a sensible idea, becomes a fashion and gets out of hand driven by poor management control and incentives."
No regulation - lets the sharks feed. This is why I am stunned at the US cries for reduced regulation once again following the FannieMae/Mac events that happened so recently. Maybe the people involved were unable to get a real job so this is their only choice.
