The Housing Bubble Was Not Hard to See (Except for Economists)

Max Ehrenfreund features a rather silly debate among economists about explanations for the housing bubble (wrongly described as the "financial" crisis) in a Wonkblog piece. The debate is over whether subprime mortgages were central to the bubble. Of course, subprime played an important role, but the focus of the piece is on new research showing that most of the bad debt was on prime mortgages taken out by people with good credit records.

I sort of thought everyone knew this, but whatever. The...