Who is to blame for the economic and financial troubles washing over us? I thought it clear that it was too much Capitalism. But the Capitalists have another story. They say it goes back to the New Deal. That is, the goal of home ownership for all was a mistake: the unions have busted American industry; the poor have gotten too demanding; the Socialists have ruined us. Capitalist thinkers love to have it both ways. When times are booming. we clearly don't need socialism; when times are hard, it's all the fault of socialism.

One further note: In discussing his recent book, The Ascent of Money, a Harvard history professor makes much of the fact that home ownership for other than the aristocracy is a somewhat of a new thing and takes that as a kind of proof it is an unnatural thing. I guess the same could be said about any successful progressive movement, such as the end of slavery in the U.S.A..