I don't think it's hindsight where the problems could be seen. It's econ 101 that markets can produce rational allocation of resources but only if they are inv

I don't think it's hindsight where the problems could be seen. It's econ 101 that markets can produce rational allocation of resources but only if they are involve people with the information and time to determine the outcome and those people are working with their own money. A system where the state "gives"/"loans" your customers money and then forces them to spend that money on you produces a industry that has neither the discipline of skin-in-the-game markets nor the discipline of state regulation.