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“Greed” – Being Ever-Present – Explains Nothing

Posted By Don Boudreaux On October 12, 2011 @ 8:33 am In Country Problems,Government Intervention,Housing,Hubris and humility,Myths and Fallacies,Subsidies | Comments Disabled

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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[1] Peter Wallison’s exceptionally clear and concise explanation of the causes of the housing bubble: http://online.wsj.com/article/SB10001424052970203633104576623083437396142.html?mod=WSJ_Opinion_LEADTop

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