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It would seem that this was intentional in a way that cannot be blamed on any 1 entity, except maybe GAAP, correct? How did the double, triple etc accounting of said asset effect profits and/or juicing the economy? Did people profit handsomely from this issue? Is there a victim? As in, who ultimately pays for this mistake?

Some are positing that this issue is what caused the infusion of trillions and not Covid. Covid was cover for the cash infusion.

Yes:

This is what happened with the ‘repocalypse’ of September 2019: interest rates spiked to 10.5% in a matter of hours, panic broke out affecting futures, options, currencies, and other markets where traders bet by borrowing from repos.

https://thephilosophicalsalon.com/a-self-fulfilling-prophecy-systemic-collapse-and-pandemic-simulation/

WineHorror1 says

If I remember correctly, there was an interbank overnight lending crisis in 2019.

Yeah, this happened. I wrote about it here: https://www.patrick.net/post/1335674/2020-10-20-we-will-never-go-back-to-normal

Yes, the September 2019 crisis led conveniently to COVID lockdowns and greater than exponential increase in M2 money supply

https://en.wikipedia.org/wiki/September_2019_events_in_the_U.S._repo_market

The current bear market is just a continuation of the March 2020 bear market, which was due mainly to the 2019 repo event.

And all of this is just a continuation of the 2008 financial crisis. We never really recovered and we borrowed without hesitation when you examine Debt to GDP ratio.

I remember back in August 2013 listening to a panel discussion on CNBC and them stating that about 50% of the stock market gains from 2008 to 2013 were due to Federal Reserve policies not because of productivity and innovation gains.

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WineHorror1 says

this was intentional in a way that cannot be blamed on any 1 entity, except maybe

WineHorror1 says

Did people profit handsomely from this issue? Is there a victim? As in, who ultimately pays for this mistake?

You start an "investment company" where you raise money in the short-term lending market by providing collateral that you do not own outright, and invest the money in higher yielding assets. Eventually this fraud gets so out of control that institutions do not trust the collateral claims of other institutions ("the music stops"), and so the Fed prints trillions of dollars to inject into the system, debasing the dollar. Oh, and as an executive of said company, you are paid handsomely.