You'd have to wonder how these securities multiplied during last decade. Goldman Sachs, under Paulson, became a double dealer of them. Packaged loans were sold by Goldman, which in turn went to the back room to bet against them. Wildly successful they were. My guess is Paulson was hired on as TS to navigate the government through some very nasty times. Not to mention save a few favored firms.
Without the neat new markets, free of most regulations, last decade would have been a complete flatline at best, if not negative. If not for that nasty bubble, we'd still be an ownership society.