The Credit Crunch that didn’t happen

Looks like a massive contraction of credit isn’t what started this mess:

http://www.lewrockwell.com/higgs/higgs102.html

How about record inflation that gave us negative interest rates and worthless government bonds, meaning the housing market suddenly looked like the sexiest investment on the planet? Especially when you factor in laws like the Community Reinvestment Act, which actually mandates that banks give loans to high-risk mortgage seekers, and government charters for two cutely-named companies to control 70% of American mortgages without getting the same scrutiny as private banks, it is even more clear that “unrestrained free market capitalism” isn’t to blame for this. Neither is the more Robin Hood-esque “corporate greed.”