The genesis for this calamity began in the Carter Administration with the Investment Act progressed through the Clinton and Bush I & II eras. Fannie and Freddie were the conduits and the underwriting criteria went out the window. The government was throwing some much money around that Hedge Funds created CDO packaging mortgages. if you recall you never could keep track of who was holding your mortgage.
This musical chairs with mortgages affected the business I was in so I paid particular attention. I knew way back when these games began that it was bad news because it was not stable. Guys like Paulson bet against the viability of the mortgage market. You would have thought that the government would have picked up on that and especially the Federal Reserve.
The government failed and taxpayers paid the penalties . This sort of thing is still continuing with mortgages, credit rebates tax credits etc.
for example farmers keep buying farm equipment because of tax credits even if they don't need new equipment the government offer is too good to turn down
The federal government is not a good steward of taxpayer money because they don't have to pay the bill when it comes due.
and when they need more money they just raise taxes.
There is a small segment of society that needs assistance such as the truly disabled and as a taxpayer I gladly share some of my earnings for their care but the bag grab is not well defined nor regulated and that is why a surfer who is quite capable of working just lives on the beach and lives well
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