The thing is that lending money became a way of creating it out of thin air. When debt was allowed to be viewed as an asset, there was no reason at all that brokers and loan agents wouldn't want to loan as much money as possible, as they could A: commission it,; and B: list the loan as an asset that their bank could then package and sell internationally. It was as though they were issued licences to print currency. A Ponzi scheme, and now the bill's due. I blame the cult of deregulation, which of course, along with big-shouldered jackets with rolled-up sleeves, became fashionable in the '80's, under the Great Imbecile himself, St. Reagan.