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| * [[http://www.lewrockwell.com/woods/woods111.html|No, the Free Market did not cause the Financial Crisis]] | * [[https://www.lewrockwell.com/%32%30%30%39/%30%35/thomas%2Dwoods/no%2Dthe%2Dfree%2Dmarket%2Ddid%2Dnot%2Dcause%2Dthe%2Dfinancial%2Dcrisis/|No, the Free Market did not cause the Financial Crisis]] |
Fallacy:
"The housing crisis was caused by the banks and their deregulated policies revolving around the subprime mortgage issue." (Michael Lambert)
Response:
This is more specific than most of the fallacies here, so perhaps it should be moved to another list at some point, such as StatistErrors? (Also note: "financial crisis" and "housing crisis" are being used interchangeably here to refer to the same event: a financial meltdown tied directly to housing markets.)
Tom Woods has written extensively on these issues, so let's just go directly to a few of his relevant articles:
The crisis was contributed to by government policy to increase homeownership via such acts as the "Community Reinvestment Act" (although it was by no means [article overstates but has some facts] the primary nor sole cause).