Let's parse the credit crisis and explain what really happened rather than all the silly and illogical explanations bandied about. There are actually multiple causes, not just simply one. Actually, we'll discover seven. Each type has its own backstory. Start with Freddie and Fannie . While widespread fables attribute this to inadequate regulation, nothing could be further from the truth, or, to be direct, a dumber explanation. Fannie and Freddie were incredibly regulated - in fact, there was a regulator OFHEO that had nothing to regulate but Fannie and Freddie. (As an aside, when you hear one of our outstaning elected officials say that this all happened because of inadequate oversight, just remember OFHEO. Your tax dollars were at work on oversight right there. Feeling better?) Rather, F & F's demise, at enormous cost to the now-frequently-abused American taxpayer, was directly caused by a failure by the slimy gutless weasels we elected to run our government. F&...