Barney Frank: Still Lyin' About the Bubble
It's not entirely his fault, of course, but Barney did as much as any of the other chuckleheads in congress to fan the flames of the housing inferno. This bit of nonsense is precious.
Finally, the real estate crash was not something even the experts saw coming. "No one I know of - except Robert Shiller - saw the drop in conventional housing prices," he says.
Booohooohoooogus. There were dozens of bloggers and even a few business journalists discussing the likelihood of a fall in housing prices. It's just that boneheads like Barney Frank chose to ignore them, and concentrate on the pleasant fiction that somehow, in a time of stagnant wage growth, houses were magically growing in value at 10, 15, 20% per year.