Does it also mean people who bought houses way out of their price range in hopes of selling them to the next fool and took out huge home equity loans and blew it on vacations and luxuries and then defaulted on their loans and by this contributed to the following economic crash - should they go to jail too? They were reckless without doubt.

I also submit it was reckless to provide mass government guarantee for subprime loans - after all, they are subprime for a reason, due to very high default risk, and when this risk materialized - and it had to materialize sometime unless whoever evaluated these loans as subprime was wildly mistaken - taxpayers were on the hook for these loans. Should people who supported FNM and FMA operations go to jail for that?

I'm afraid we'd end up jailing a real lot of people, including a lot of politicians, if we go this road. And if it would produce any negative consequences, we'd also have to jail whoever proposed such laws - as it would be deemed reckless to propose it...