It’s too bad that Peter Wallison’s exceptionally clear and concise explanation of the causes of the housing bubble ^[1] is available in full only to subscribers to the Wall Street Journal.  Here’s his conclusion:

The narrative that came out of these events [the government-sponsored bubble and its inevitable bursting] —largely propagated by government officials and accepted by a credulous media—was that the private sector’s greed and risk-taking caused the financial crisis and the government’s policies were not responsible. This narrative stimulated the punitive Dodd-Frank Act—fittingly named after Congress’s two key supporters of the government’s destructive housing policies. It also gave us the occupiers of Wall Street.

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