SO...what did Dorothy learn from the lending/real estate/underwriting nightmare of 2007?

...That the government will come to our rescue and save us from our own stupid selves!  We are much to dumb to read all those papers that we sign at escrow...besides, reading takes time!

...That all I have to do is blame the big bad realtor for showing me houses that were more than I could afford, and blame the evil loan officer for using words that were just too hard to understand!

...That I can be a dumb-ass and over spend, over buy, commit fraud on my 1003 and blame it on the LO, buy rentals with no down payment, and get my realtors license and flip houses just like the idiots on TV, and not have to suffer any consequences because after all, it is an election year, and politicians have to pretend like they care!

This nightmare will be repeated, give it 10 years.  We never learn.  Banks will be offering the same ridiculously risky loans...new names, new companies, new AE's, SAME junk.

What lessons would you add?