House of Cards

If we tried to suppress the expansion of the subprime market, do you think that would have gone over very well with the Congress?

When it looked as though we were dealing with a major increase in home ownership, which is of unquestioned value to this society — would we have been able to do that? I doubt it.

Alan Greenspan, discussing how despite the fact that he didn’t understand the complex derivative products of “easy money” mortgages, he couldn’t do anything to stop it.

Why is home ownership of unquestioned value to this society? It may or may not be part of the American Dream. If it is, then it is possible only in an America where the ability to make something of yourself, no matter who you are, is not only a proud tradition, but more importantly, an ability which falls directly from our government's mandate to protect individual rights.

And is the "home ownership" he speaks of the same as private property as protected by the government? Clearly not. The first is a gift from the government made possible only through the redistribution of wealth; the second is a manifestation of individual values and the wealth which individuals have been able to create and enjoy for themselves. This is what the government must protect.

Everything else is just a House of Cards, tonight on CNBC.

I'm sure it will be a mixed-bag orgy of blame - but that doesn't mean it won't be interesting.