Phil Gramm Says Loose Money and Politicized Mortgages Caused the Financial Market Crisis

http://online.wsj.com/article/SB123509667125829243.html

I believe that a strong case can be made that the financial crisis stemmed from a confluence of two factors. The first was the unintended consequences of a monetary policy, developed to combat inventory cycle recessions in the last half of the 20th century, that was not well suited to the speculative bubble recession of 2001. The second was the politicization of mortgage lending.