U.S. Mortgage Crisis ?

I want to know with such educated scholars running the Federal Reserve and the banking industry who is going to PRISON for this ? This started out way before George Bush got into office and any educated person that has seen American history in the last 25 years knows that. It had to have started in the Clinton administration or before. Things don't just careen out of control with the economy that fast in a nation or economy this large especially the largest one on earth. Back in the early 1980's we had a mortgage melt down when the oil business went south also, ANYONE REMEMBER that? History repeating itself. There has to be people who were getting rich giving out ARM loans out to people without verifiying their income or if they could give their payments should something like rates go up arise. Tell me companies weren't that STUPID to say hey this guy makes $ 50,000 a year in income and we are financing a $ 500,000 home for him with 3 % down payment. That makes no sense. Look at poor LAS VEGAS or CALIFORNIA housing markets how can people lose 50% of their home values overnight. They were way overpriced for the market when they were selling them. They should hold the banks, realtors, and regulators liable for this. They should be sentenced to anywhere from 5 to 50 years MINIMUM for leaving the devastation of the American people in the housing market. They should also be financially held accountable to return any money they made of these poor ignorant less educated people it just isn't fair. There has to be rules and laws inacted to protect the less educated or people who just do not know any better. Not everyone goes to a major university or HARVARD,YALE, or STANFORD. I believe that if congress got behind a punishment phase after the bail out of these financial institutions this would have a very small chance of happening again. We should be able to finance and not worry about the rate going up in 3 years. When we bought our first home it was 15 or 30 years whichever you wanted and you knew what the fixed payment was for 360 months. No worries. What has American Finance come to today. PURE SHAMEFULNESS !!! GOD BLESS AMERICA !!!!