Have We Learned Our Lessons from the Financial Crisis? Rewriting History Is Not a Good Sign

I was listening to a BBC radio news show this morning in which they proclaimed today as the 10th anniversary of the beginning of the financial crisis based on the date in 2007 when the French bank BNP Paribas first blocked withdrawals from hedge funds that specialized in U.S. mortgage debt. The show then said that following this move house prices began dropping.

Really, folks? House prices began falling after this date? That's not what the data show.

At the most aggregate level, the Case...