Pat Toomey recently sat down for a revealing four-minute interview with CNBC in Philadelphia. Sitting in Franklin Square, Toomey talked on the root causes of the financial collapse, the role of regulation, monetary policy, his investment banking past, and Joe Sestak’s voting record.

Here’s the interview:

On Economic Collapse:

Toomey: … [there were] huge investments in residential mortgages, that’s what collapsed.

The bubble happened because of the Federal Reserve and federal legislation that encouraged banks to lend money to people who probably couldn’t pay it back, legislation that required Fannie and Freddie to keep lowering their lending standards. …

Now, did Wall Street get a little out of hand? No, it go a lot out of hand. There was way too much leverage, and there was everybody very happy to go along for that ride. But the ride couldn’t have happened if it hadn’t been for a failure on the part of monetary policy and legislation encouraging lending to people who couldn’t pay it back.

On Wall Street & Joe Sestak:

CNBC: The Democrats want to run against you on the basis of your career in investment banking, and say you were a cheerleader for these policies that got out of hand … and lack of oversight on derivatives. Are you proud to run as a candidate of Wall Street or are you embarrassed by these claims?

Toomey: Let’s be clear … when I got out of college, I went to work on Wall Street. I worked there for 6 years and I left 20 years ago. I’m the guy who opposed the Wall Street bailouts, opposed them when a Republican president first proposed them, and Joe Sestak voted for all of them, and has voted to continue them. So who’s really on the side of Wall Street?