> A few of the examples are that he describes the subprime crisis as originating in Clinton-era home-ownership reform that pressured government lenders to essentially back many subprime mortgages (expanded during the Bush-era).

But I think that's incorrect. The lynchpin of the subprime crisis was really the repeal of the Glass-Steagall act in 1998, which made sure that consumer-facing banks had strict limits on how much they could be leveraged in their investments. This set them apart from investment banks which were allowed to take bigger risks.

Then, a bunch of financial fuckery in new kinds derivatives generated the idea that they had "solved" the risk factor of subprime mortgages and that they could open the floodgates on accepting any and all mortgages without doing any of the traditional underwriting. They sliced them into tranches using a magic formula which nobody understood and sold them off. The ratings agencies helped by stamping this garbage with top grades and tricking institutional investors into holding the bag.

The result was that when it all imploded the US consumers were the ones who got hosed -- because those consumer banks were over-leveraged in these bad investments.

It was criminal activity all the way. It was conspiracy to make billions of the short-term commissions on all the mortgage transaction activity, while sticking someone else with the toxic waste.

It was not a simple policy decision from the 90's. That narrative is just another way for the oligarchs to rewrite history and evade responsibility. Ensuring that we'll learn nothing and they can do this all over again once people forget.