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American Enterprise Institute's Nick Schulz interviews Thomas Sowell about his latest book, The Housing Boom and Bust:
Q: What is the greatest popular misconception about the housing boom and subsequent bust?
A: The biggest popular misconception about the housing boom and bust is that it was due to a lack of regulation. In reality, it was precisely the intervention of federal regulators that caused traditional mortgage lending standards to be reduced, leading to sales of homes to many people who either could not or would not pay for them.
One regulatory solution? I would get rid of Fannie Mae and Freddie Mac entirely. As long as these hybrid private and government enterprises exist, they will be a standing invitation to politically motivated decisions.