Already there are those on the left trying to blame the sub-prime crisis on capitalism and George Bush.
Michael Cullen is trying to blame John Key too.
But before we take this as gospel, let us look at the wider issues.
It seems that under pressure from Democratic legislatures, the banks were encouraged / forced to relax their lending criteria to people who could not really afford mortgages.
In other words, government and leftist philosophy was behind the crisis.
So before we all jump to conclusions to fit our own prejudices, here is a raft of reading matter to help us all decide.
The UK-based Adam Smith Institute discusses the matter here.
American Prospect seems to have a different view.
The ElectEcon blog, as recommended by Rodney Hide, covers similar ground.
Here's a lively column from the New York Post that looks at 'the real scandal' written by economist Stan Leibowitz also fingering political correctness.And more recently, the American Thinker looks at the bail-out of Fannie and Freddie.