Numerous cranks are continuing their efforts to revise the cause of our current economic downturn. They claim (wrongly and completely unsupported by evidence) that the government - Fannie Mae, Freddie Mac, the Community Reinvestment Act, etc. - was responsible for the economic recession.
It wasn't inept/crooked Wall Street, bankers, or ratings agencies selling junk mortgage-backed-securities and collateralized-debt-obligations.
New York mayor Michael Bloomberg, the 12th richest person in the U.S., is the most recent revisionist attempting to rewrite history.
The definitive takedown of this nonsense is David Min's Faulty Conclusions Based On Shoddy Foundations. And, the documentary Inside Job is a great primer on the real culprits behind our current crisis.
For Further Reading:
An Autopsy of Fannie & Freddie
An Obtuse & Deceptive Accounting
The Banker, In The Office, With The CDO
The Big Lie Goes Viral
Brooks Discovers It Was All Fannie's Fault
Did Fannie Cause The Disaster?
Dispelling More Campaign Myths
Drowning In Delusions
Fannie, Freddie, and You
Fannie & Freddie Did Not Cause The Housing Crisis
Fannie & Freddie Did Not Start The Crisis
Fannie & Freddie's Future
The Myth of Fannie, Freddie, Barney Frank & The Housing Bubble
Peter Wallison Discusses Fannie & Freddie For The American Spectator
Things Everyone in Chicago Knows
Why Wallison Is Wrong About The Genesis Of The Housing Crisis