> what this ever-popular narrative misses out is that the banks were motivated to make these loans because someone else - FMAC and FMAE - guaranteed them. I do

> what this ever-popular narrative misses out is that the banks were motivated to make these loans because someone else - FMAC and FMAE - guaranteed them. I don't think the popular narrative misses this point at all. That's key to the lesson that socialists and leftists got from 2008 (and what probably created quite a few socialists as well): Capitalism is compelled to exploit social resources, irrespective of and ultimately to the determent of the public good.