Hale Stewart has an excellent post describing the timeline leading up to the 2008 financial collapse. Unsurprisingly, there is a good amount of Republican hypocrisy thrown into the mix: they were pushing for entities to provide more high-risk loans before they blamed those entities for the entire crash. Of course, only a small fraction of high-risk loans were made by those entities, but when did a Republican let reality get in the way of their delusion?
The post’s premise is supported by a ton of research done by a wide variety of folks.
If you’re at all interested in knowing exactly what happened, read this post. There is some economic jargon thrown in, but slog your way through it. You’ll be better off because you’ll know what to look for in the future.