The housing bubble didnt start with sub prime they were the guys who added gasoline to the fire. They (others being regulators) created a mismatch which started the inflation in housing, that was turbocharged by sub prime financing …

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Americans Slow Learners About Housing Bubbles

At a hearing of the Financial Crisis Inquiry Commission in Washington this morning, the heads of JP Morgan, Morgan Stanley, Goldman Sachs and Bank of America have been grilled over the financial crisis that began in the US sub prime mortgage market.

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Wall Street chiefs admit to not stress testing a fall in housing market (Money Marketing Online)