ANOTHER ANTI-AMERICAN MOVE BY THE OBAMA ADMINISTRATION

Politicians may not know much-- or care much-- about economics, but they know politics and they care a lot about keeping their jobs. So a great distracting hue and cry has gone up that all this was due to the market not being regulated enough by the government.(when the banking and motrgage crisis hit) In reality, it was precisely the government regulators who forced the banks to lower their lending standards.

The other big lie is that this was a failure of economists and others to foresee that the housing boom would turn to bust and set off financial repercussions across the economy.

In reality, everybody and his brother saw it coming and said so-- including yours truly in the Wall Street Journal of May 26, 2005. As far away as London, The Economist magazine warned about the danger. So did many American publications and individuals. The problem was that politicians refused to listen. They were fixated on the magic number of home ownership
source:Thomas Sowell