The Fed's William Poole correctly says the mortgage lenders and homebuilders going out of business were "bad actors" whose punishment was deserved

Damn, this is getting interesting... So interesting that if you work for an Alt-A "Liar's Loan" lender, or a homebuilder targeting people with low incomes and bad credit, and you haven't been laid off yet, you might want to start packing up Monday, and take the plants home now... Doesn't sound like the Fed is gonna be bailing you out...

"This year’s markets punished mostly bad actors and/or poor lending practices. The market’s punishment of unsound financial arrangements has been swift, harsh and without prejudice”

-William Poole, President Federal Reserve Bank of St. Louis, July 2007