The short version of how we got here: Lenders, fat with money made cheap by the federal government, aggressively coaxed millions of borrowers to take out unaffordable mortgages. They lent this money without assessing whether borrowers could repay it. They assumed, in fact, that most wouldn't be able to and would have to refinance into new, equally unaffordable loans. This process would produce an endless cycle of fees for the lenders -- but only if home prices rose, fairy-tale-like, forever.

On what planet would that be an acceptable business plan?

Not this planet. Some people want total deregulation as if we have a free market economy. We don't. There is a need for regulation to the degree necessary to keep the loan sharks in line. They should not have the right to ruin the entire economy for everyone all for the sake of their GREED.

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