Let’s get something straight: we did not have a housing “bubble”, in the usual sense of the word. The mainstream narrative of crazed, greedy, irresponsible homeowner-wannabes driving prices unsustainably high, causing the still ongoing crash is wrong. Yes, we had a housing “bubble” in one sense; prices soared way beyond reality because excess demand fueled irrational bidding wars. The lie deals with why we had a housing bubble. The lie matters because like all problem-defining narratives, it shapes the policy solutions offered. So let’s take a look at the lie.
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Here’s what I don’t get about these sort of papers. What are they trying to accomplish?
It’s not like thrusting the blame on bankers will make the people who bought three homes whole (or smarter for that matter).
And banks aren’t exactly thrilled to be forced to take possession of that rotting piece of property. How does could this paper possibly hurt them more?
Good questions. Being that the site is FDL, they will probably build to a grand scheme of punishment of the bankers through redistribution.
What none of the liberal sites want to tackle is that they best way to punish the people responsible would have been to let them go bankrupt. You can’t have it both ways.