What the housing bubble teaches us about political events
That is because people do not respond to political events; they respond to what trusted sources tell them about political events. This seems especially true when dealing with somewhat complicated subjects like the housing bubble. Conservatives who listen to conservative media heard the frankly absurd story that the government was to blame, that Fannie and Freddie was to blame, and that too much regulation was to blame. These assertions were bolstered within conservative media by the dodgy claims being made by the long-discredited analysis of Wallison and Pinto. Of course, the exact opposite of all of these claims is true.
