…and if regulators and lenders had been tighter on their standards, who can doubt that many of you would now be complaining about redlining & unfair lending practices which are keeping so many from enjoying the American dream of home ownership.

For one thing, he says, “But while Congress clearly should not rescue borrowers who lied about their incomes or tried to get rich by flipping condos, such borrowers were at most a minor factor in this crisis. Primary responsibility rests squarely on regulators who permitted the liberal credit terms that created the housing bubble.” So regulators were the villains.

How about lenders, whose questionable practices may have misled many of the borrowers? And also who securitized and sold the bad debts, thus exacerbating the current implosion? They are nowhere mentioned in his piece. Why do they get off so easy?

For another thing, Frank ascribes buyer behavior to a relentless drive to get the best education for their kids. This seems plausible, in that ultra-tidy economist-style of presentation where everything happens with same inexorability of the water seeking its own level — simple social physics (in hindsight, of course).

But does he have any data to back this up? How much of a motivator was that really? Did he consider in formulating his neat explanation that one can *rent* a home in good school districts, as well as own one? And does he mention anything about the role of regulators, presidents and other politicians in undermining government support for education, which might also have contributed to the problem, if his explanation is to be believed?

Concise, yes; but superficial rather than convincing.

I read your blog and think you’re a good writer. I’d like to invite you to join our new online community at polzoo.com. We are a user generated political editorial and social network. You can write blogs, participate in forums, build a profile and link up with other members.

We also choose from amongst our own writers to feature on the front page. You can also advertise your blog on our blogroll and exchange links. I think your voice would be a great addition to our site.