Friday, January 22, 2010

Understanding What Caused the Financial Crisis

From an editorial in today's WSJ:
Mr. Obama also keeps peddling the illusion that the entire crisis was caused by the bankers. But the root cause was a credit mania, courtesy of the Federal Reserve. The mania was concentrated in the housing market, courtesy of Congress and several Presidential Administrations.
Senate candidate Pat Toomey and dozens of economists see the problem exactly the same way.

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