This point matters because focusing on the financial crisis gives economists and policy types an excuse for being caught by surprise. After all, credit default swaps and collateralized debt obligations can be complicated. Looking at the quarterly GDP data put out by the Commerce Department, and noticing the explosion in residential construction, is very simple.
The fact is the bubble, and the enormous risks it implied, were easy to see for those paying attention. The experts totally dropped the ball at enormous cost to tens of millions of people. And now, the racists among them want to blame people of color and those who sought to help them.
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