'Ringing alarms': Wall Street said to be making 'risky loans' that could hurt economy

It has been 16 years since the Wall Street crash in 2007-2008. Now, Wall Street is reportedly risking everything once again.

The New York Times reported Friday that billionaire investor Doug Ostrover has devised a new strategy for being the cash cow for risky loans that wouldn't normally pass muster in traditional banks.

"The new venture would not be a bank, but would operate almost like one — without the regulatory restrictions and government oversight that had made traditional banks skittish about this market," the Times said.