European Tribune - The roots of the subprime crisis

The subprime mess is generally treated as a crisis, a catastrophe, one of those unpredictable pathologies that happen in our economy because the ingenuity of corporate and financial types outpaces regulatory understanding and control.  Sure, innovative self-interest will always be out ahead of regulation, as it was here.  But what the subprime mess isn't is unpredictable or pathological.  

It is not pathological, but that doesn't make it predictable. It is expected, but not unpredictable. Like an earthquake.

It'd be nice if the battle were only against the right wingers, not half of the left on top of that — François in Paris