Before Obama became president, his big success was handing truckloads of government money to big property developer friends of Obama so that those big property developer friends could benevolently provide housing to the poor.
Obama told us:
“That’s an example of a smart policy. The developers were thinking in market terms and operating under the rules of the marketplace; but at the same time, we had government supporting and subsidizing those efforts.â€
Of course, in practice, government support for developers meant that developers had an incentive to be active in politics, and be good at political activism, but no incentive to be active in preventing the roof from leaking, or the roof from falling in: Government handout, private profit, not “the rules of the marketplaceâ€
And now the people who brought you homes for the poor with the roof falling in are fixing the American financial system with the same methods.