ARNOLD KLING: “Without low-down-payment mortgages, you don’t get the housing bubble. The CEO of Freddie Mac, Richard Syron, got sacked. Good. Barney Frank, Syron’s chief sponsor, kept his job, and continues to push the idea of Freddie and Fannie taking their ‘profits’ and using them to fund low-down-payment mortgages. I’m sorry to keep harping on Congressman Frank. He didn’t cause the whole crisis, or if he did he didn’t mean to. It’s just that markets learn from their mistakes, and he doesn’t.”

And read this post, too.