Alan Greenspan was COMPLICIT in that 2008 panic/collapse. He had the authority to prevent all that Collateralization of Mortgage Debt. He later told Congress that he didn’t realize that the big banks would not control themselves.
I got my information on this from a book about Five Stock Market Crashes in the USA.
Freddy and Fannie were mandated by statute to buy up primes and sub-primes taking all risk off the mortgage lenders. The Government created a perverse incentive