He is correct that the deregulation of some of the loans was a factor; however, the issue wasn't just offering small house loans to low income folks, but also offering large houses to low and medium income folks. With loans being granted to more and more folks, the prices of houses increased, loans became more and more creative- like pay interest only for the first five years at a 1% rate etc. On top of that, banks and other financial institutions were allowed to invest at a 30-1 ratio or higher, meaning that for every dollar in assets they owned, they could invest 30 dollars. The moment something bad happened, slow economy, bad day at the stock market, housing prices reach their limit- it all came crumbling down like a house of cards.

The writing has been on the wall for years, but people wanted to pretend it wouldn't happen and well folks were greedy- too greedy.

No one else with anything to say? I did a little research and it seems that Card has his facts straight. I wouldn't say that means that Obama will be a bad president or that he is a bad person. I do think Card offers an interesting look at a certain issue in the media.

Can you believe how incompetent the McCain campaign was? Why were they hounding inane strands like Bill Ayers and the other names simply thrown out when they could have actually presented something solid like this?

I do think that Card is blaming the wrong people though. The left-leaning media obviously wouldn't stress this but there are plenty of right-leaning outlets as well - why didn't the people who wanted McCain to win display one of the few good arguments in favour of the Republicans repeatedly?

Did McCain actually launch any convincing ads that attacked the democrats for being one of the primary causes of the financial crisis? Instead he chose to push transparently misleading attacks. Completely incompetent...

Mc Cain didnt want to start that because he(keating 5 scandal) and his buddy Phil Gramm had just as much to do with the boom bust cycle creation in the finance/housing market as the democrats. it was a loss of leadership and a sheep like devotion to the banking lobby coupled with a foolish desire to live beyond their means by all that lead to this disaster.
i recommenced this article El Perro
http://www.dailykos.com/storyonly/2008/11/16/1002/9542/629/660423

as for Orson himself, enders game was a fun quick read, but mainly directed at the teenage market no? he has some odd views about homosexuals but at least he is anti gun and free market capitalism.

He raises some good points, however bases his argument on this:
"Want proof? Mortgage failure rate in 2000: 1%. 2001: 1%. 2002, 2003, 2004, 2005, 2006? One (1) as in ONE percent."
When trying to verify this claim, I did not find even one source that backed this up.