The housing bubble and its collapse were not W's fault. First, the subject was beyond his ken. Even if he were a genius beyond the level of our greatest financial public servants, he would have had to have dictatorial powers to stop it.

The fault lies first with greed of buyers, second with the greed and incompetence of our elected representatives in the Legislature and the Executive, in a glorious bipartisanship.

We are getting what we deserve.