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This recession obviously was created when wacko extremists removed or subverted finance industry regulations.
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You are exactly correct!
And the wacko extremists were -- drum roll please -- the Dods Franks Bill, and other laws like it, that was signed into law by idiots in Washington, to promote home ownership for people who could NOT afford it, and then promoted derivatives which basically were gambling on whether the homeowner would go into default, or not.
There were BILLIONS of dollars made on these finance instruments, as they were sold for a profit, all around the world, in huge bundles.
Everybody made money at first - the Real Estate Agent, the Appraiser, the Bank or Savings and Loan, the Wall St. firm like Goldman Sachs, that bundled them up into large groups, and sold them world-wide.
The politicians loved it because it induced people to vote for, and support them.
Like Socialism itself, it all looked GLORIOUS - until the reality of the situation caused the money to start drying up, and people started defaulting. Like a house of cards, it all came crashing back down.