This is great. Forbes.com writer John Tamny did a masterful job of pointing to an article that "... reveals the incredibly shoddy thinking on the part of lenders and borrowers. Niether side comported itself well, ..."
In addition to recommeding this op-ed piece, I really recommend Forbes.com if you are not already reading it. Admittedly, there are some Lefty Loons that believe the government really is Mighty Mouse, "Here I Come To Save The Day!!!" It is still about the only major publication that posts articles by people that have not only heard of the major Austrian Economists, but that can discuss their ideas intelligently.
This is also from Mr. Tamny's piece today:
Indeed, the true damage to capitalism occurred first when the U.S. Treasury readily accepted the dollar's decline, and second when borrowers and lenders bought into the notion that Santa Claus does in fact exist; both assumed that ever-rising home prices would whitewash stupendously bad decisions.
Check it out if you have time, maybe if the number of hits from these kinds of writers go up, we can see more writing along these lines at Forbes and other sites or magazines.