the bank to have many pylos 50 cents on the dollar. most of the large financial institutions for. washington mutual, golden west, all financed high risk loan portfolios using government deposit insurance. the snow with america but of finance countrywide in its high risk business high risk business without guaranteeing the deposit insurance. it is a major disorder of allocation of capital. government housing policy goes back a long time with the government has tried to raise homeownership above the rate. here's the interesting fact. owning a home does not change human behavior. it's exactly the opposite. the discipline allows you to own a home that results in better behavior unobvious encouraging people to buy homes they can afford doesn't end well svc. a government subsidy started with the tax credit deductions people get from housing and in the early 70s they started on a new path it takes a community reinvestment act, which forced banks to get into the low income high-risk subprime lending business and banks have no business being in the business. the banks should not be in the