J. Peter Wallison of AEI here reviews a new book by a British leftist which, remarkably, gets the roots of the housing crisis right.

Leftists for the most part are unwilling to admit that any adverse outcome ever materializes from their efforts at remaking society. That’s why the housing bubble and subsequent economic contraction had to be blamed on “capitalist greed.” They simply can’t admit that federal policy aiming at “affordable home ownership” for millions of people who would have been better off without it was responsible for the debacle. It’s remarkable to have someone in their own camp speaking the truth.