by mk

The rapid and complete payback of TARP funds by banks strongly suggests that the financial crisis was more a liquidity crisis than a solvency crisis.

LOL. It's not that I can't afford it, it's just that I don't have enough money.

https://en.m.wikipedia.org/wiki/Phil_Gramm

William Philip "Phil" Gramm (born July 8, 1942) is an American economist and politician, who has served as a Democratic Congressman (1979–1983), a Republican Congressman (1983–1985) and a Republican Senator (1985–2002) from Texas. He later became a lobbyist for UBS and founded a public policy and lobbying firm, Gramm Partners.[1] He was a senior economic adviser to John McCain's presidential campaign from the summer of 2007 until July 18, 2008.

...

Some economists state that the 1999 legislation spearheaded by Gramm and signed into law by President Clinton – the Gramm-Leach-Bliley Act — was significantly to blame for the 2007 subprime mortgage crisis and 2008 global economic crisis.[17][18] The Act is most widely known for repealing portions of the Glass–Steagall Act, which had regulated the financial services industry.[19]