Ran across this via Instapundit.
First and most fundamental, the subprime crisis was caused by politicians wanting to break market laws. If you don't have money, you can't afford a house: requiring banks to make risky loans was to be subsidized by charging everyone else more to cover the costs.
Didn't work, was destined to fail and the perpetrators are oblivious to the damage.
Read the article at the link to understand that the problem is still there, still alive, still festering and that unless economic ignorance is thoroughly and ruthlessly made public, we will be condemned to listen to the Gods Of The Copybook Headings time and time again.
The real culprit is the idea that you can make laws that abrogate economic reality: the only way it works is fraud.
Read the link: suffice to say that we have met the problem, and it is the Left.