A fascinating new paper on the causes (and non causes) of the financial crisis lays out 12 "facts about the mortgage market" that its authors consider crucial for determining the causes of the crisis.
The paper is not overly technical and I highly recommend reading it. It presents a strong case both against the "Inside Job" and the "the government did it" views of the crisis.
It also points out how little we know about the causes of asset price bubbles.
Hat tip to Mark Thoma.
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