Serious Republican™ Michael Bloomberg would like to remind us all that it was gubmint, not those poor banks, that caused the 2008 financial crisis. That faint, rhythmic sound you’re hearing right now is David Brooks hopping up and down and clapping.
ThinkProgress, linked to by ABL, debunks Bloomberg’s crap. This is another one of those times where I wish we had some sort of comprehensive database of facts and arguments. I’ve read corrections of Bloomberg’s assessment more times than I can count from Krugman, Dean Baker, news orgs like ThinkProgress and probably a bunch of other sources, too.
But could I provide sources right now to show that Bloomberg is inescapably wrong? Nope. I can remember that Krugman wrote a piece once about how Fannie and Freddie’s share of sub-prime mortgages peaked in 2003, well before the bubble saw its quickest inflation. I can remember a comment on BJ that decimates the clownish idea that the CRA had anything to do with the crisis. But I can’t find those pieces because I didn’t bookmark them. And I don’t quite have time to look right now.