"This conclusion by the majority largely ignores the global nature of the crisis. For example: A credit bubble appeared in both the United States and Europe... How can the ‘runaway mortgage securitization train' detailed in the majority's report explain housing bubbles in Spain, Australia, and the United Kingdom, countries with mortgage finance systems vastly different than that in the United States?"  Dissenting statement of the Financial Crisis Inquiry Commission, January 2011."First, the housing bubble was not confined to the U.S.; it was global. How could any U.S. housing policy affect house prices in, say, France, Sweden, and Greece?"  Randall Hoven, April 2010.(Read Full Post)