You Don't Say...

WSJ: "Economists have abandoned Principle". It continues to frustrate me that the crisis is being pinned on "wall street greed" when at its core, the mispriced risk of subprime mortgages (courtesy of government backed Fannie Mae and Freddie Mac / Revision to the Community Reinvestment Act) and unsustainably low interest rates (also courtesy of the US government in part due to the Fed and in part due to Fannie Mae and Freddie Mac) begat inflated asset values and a loss of confidence in credit markets that begat a forced deleveraging.

Now the US and much of governments the world over are spending bewildering amounts of money to save unsustainable businesses. Ironically, the folks at Reason, think that this could be a Libertarian moment? I remain hopeful but skeptical.