I’ve never challenged this long running lie much, because I didn’t bother to learn the causes of the financial crisis.
The GOP/Fox/Koch brothers has convinced their moronic followers that Fannie and Freddie, and Barney Frank, Chris Dodd are to blame for the crisis. That, or a 30-year old law and some poor people that got taken advantage of.
Its a problem when the subject isn’t obvious enough that conservatives end up believing Fox “news” lies.
Think progress
http://thinkprogress.org/economy/2011/09/27/329760/santorum-wasnt-deregulation/
“Fannie and Freddie, which didn’t make subprime loans but did buy subprime loans made by others, were part of the problem. Poor Congressional oversight was part of the problem. Banks that sought to meet CRA requirements by indiscriminately doling out loans to minorities may have been part of the problem. But none of these issues is the cause of the problem. Not by a long shot. From the beginning, subprime has been a symptom, not a cause. And the notion that the Community Reinvestment Act is somehow responsible for poor lending decisions is absurd.”
Dan Gross
http://www.slate.com/articles/business/moneybox/2008/10/subprime_suspects.html