Facts make a Difference (Sometimes)

Paul Krugman has a major conflict with some of those in the "Chicago School" which concluded that the fiscal problems resulting from toxic mortgages were due to the social dimensions of congressional legislation that promoted home ownership for more and more people.

The facts and data included in Krugman's blog would be hard to refute. In short, the legislation that enabled more types of organizations to issue mortgages was much more of a problem. The lack of regulations in the mortgage industry was key to the meltdown.