Finally, the policy paper that initiated the housing crisis, and to a great extent our current financial armageddon, is identified.  As you might expect, it started with a government policy based on junk financial science, leftist social engineering, and threats to the banks to ignore everything they knew about lending, or else.

Once again, the problem began with progressive/democratic party ideas of social justice, enforced by government threats to do what they wanted, and in spite of all evidence that disaster would result.

If only we were wise enough to hang a few of these a-holes to a telephone pole in Washington DC, they might think twice about promoting such idiocy in the future. It would take something as extreme as that to put them off.  As it is, the prudent folks who weren't paying attention because they were busy building their lives, raising families and saving money, are the ones who get to pay the price for this.