The Liberal Housing Crash

The American people are pretty well convinced that the mortgage meltdown was the fault of greedy bankers, stupid borrowers, and the odd Friend of Angelo Mozilo like Sen. Christopher Dodd (D-CT).  That's hardly surprising, since the mainstream media has shown a vivid lack of interest in getting to the bottom of it all.That's why we have Thomas Sowell.  His latest book, The Housing Boom and Bust, is a workmanlike analysis of the housing crisis.  It's short enough, at about 50,000 words, for anyone to get through on a weekend.Needless to say, Dr. Sowell does not find that the meltdown was all the fault of greedy bankers -- or even foolish borrowers.  He puts most of the blame on politicians and activists that insisted that the US had an "affordable housing" crisis when it didn't.  The government agencies that implemented the will of the political sector -- the Federal Reserve System, Fannie and Freddie, and the US Department of Housing and Urban...(Read Full Article)

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