Ping
So we have two simple narratives from the two sides, liberals like this ‘award winning’ Krugman say it’s just not enough government regulation that created the problem, caused by conservative ideas like free markets,as if Barney Frank and democrats were trying to make it harder to get a house with regulations like this common-sense 20% rule.
Then the Bush/Levin/Hannity-bots say it’s all because the CRA forced banks to give home loans they shouldnt have, as if Republicans were warning us about the economy and housing boom being a house of cards.
But the reality is both sides thought the homeownership boom was great (or at least said so) until it crashed. Both sides LOVE low interest rates and the creation of new money by the federal reserve when they get to spend it and claim it’s their ‘economic growth’. The same goes for loosening regulations like this common-sense 20% rule.