Financial Crisis was actually a SCAM :

In a nutshell here's what happened : A bunch of mortgage originators, wrote a bunch of mortgages, for all and sundry would be homeowners, who were highly risky, putting little money down, and possibly unable to meet the commitments. As stand alone mortgages they were highly risky. But they were bundled together and sold to the BIG BANKS including the government guaranteed mortgage banks Freddie Mac and Fannie Mae.
By moving the loans to the big institutions and converting them to a SECURITY of that institution, they were able to convert the security to a AAA rating, because it was with the BIG BANK. These securities were called MBS's [mortgage backed securities]. The CON job was in the ratings. These securities have been sold worldwide, to the value of trillions of dollars, and the big banks took the big hits because they carry the securities and the mortgage properties. Here's why it really got ugly, because this business was lucrative at the time, it was just too easy to get loans, and speculate on property, and the bubble was created by the demand for these mortgages, both by the speculators themselves, and for the banks buying them and converting them.
So many private people who took on property speculation and were leveraged have taken a massive hit and are now broke. Many have simply walked away in default because they owe far more than the investment is worth.

But the scam is in the fact that these organizations buying the morgage bundles were Guaranteed by the U.S. government, so they borrowed huge amounts of money to create these securities [buy the loans] knowing full well that even if they failed, the taxpayer was there to bail them out. So they did the business, and they all got PAID. Now that the shoe has dropped, the taxpayer has in fact picked up the tab.

The banks had a AAA rating on the securities, even though those securities carried mortgages which were C's and D's .