I’m not sure why there is still any debate about who is responsible for the housing bubble and the ensuing crisis–which includes the recession that followed and the stagnation we are in now. The Democrats new bill of rights, going all the way back to FDR, includes the right to own a home. Since that time the left has implemented, funded, defended, and advanced the policies necessary to make owning a home both a right and a reality regardless of cost or consequence.
While we can certainly blame some republicans for going along with it or lacking the spine to stop it, it is the Democrats who insisted that the federal programs were not in danger of harming the economy; even after the crash they quickly poured out billions to bail out troubled mortgages as they resurrected these programs with hundreds of billions more.
And when it came time to regulate financial institutions, the largest holders of mortgages–Fannie Mae and Freddie Mac–were left completely out of the democrats banking regulation bill.
The democrats are completely to blame for this, used it as cover to regulate banks further to secure the government monopoly, and are re-inflating the housing bubble based on an ill conceived socialist platitude.
The right to property is not fruit borne from someone else’s labors yet the right to a home has been on the left’s second Bill of Rights since FDR. So there should be no doubt who was at work, and who is to blame. Liberals have wanted this for decades, and when they finally thought they had it, the wheels came off the bus. It should be instructive that even that has not stopped them.
