You nailed it. Idiot borrowers combined with idiot lenders, enabled and blessed by idiot politicians, and BAM! Crisis.
The "idiot buyer" (Joe Sixpack) got to live in a nicer house than he could afford for several years. Then he declares bankruptcy, turns in the house, but gets to live there from 6 to 18 months without paying one cent. Then he gets to purchase or rent a new home at a huge discount.
The "idiot lenders" (the ones with the MBA's) get the government to take over the responsibility for there reckless lending programs.
The idiot politicians have been on the banking lobbyists gravy train since day one.
Who is left ......... Ah, yes, you and me - the ones who were frugal, purchased what we could afford, stayed within our limits and tried to build for the future. We are the ones who will pay for all of this. Everyone comes out just fine, except us.
Now, we have to re-examine the question: Who are the rel idiots in this mess?