Honestly, it’s kind of unbelievable, well not unbelievable … shocking, well not shocking, really … disappointing – it’s really disappointing that Krugman needs to publish a brief history of our financial times just to make sure everyone really knows what happens. We were screwed, people, by the very people who should have known better.
And yet …
Talk to conservatives about the financial crisis and you enter an alternative, bizarro universe in which government bureaucrats, not greedy bankers, caused the meltdown. It’s a universe in which government-sponsored lending agencies triggered the crisis, even though private lenders actually made the vast majority of subprime loans. It’s a universe in which regulators coerced bankers into making loans to unqualified borrowers, even though only one of the top 25 subprime lenders was subject to the regulations in question.
from Paul Krugamn – Disaster and Denial – NYTimes.com.
Aw, jeez. C’mon, my heart is breaking all over again.