Morgan's summing things up:
The story really couldn’t be simpler. The free market says “don’t make this loan” — the government, with government-sponsored entites, steps in and says “Hey we’re the government we know more about this than you do” — and, a few years down the road, it turns out the free market knew what it was talking about. The folks who want government to run more things, start blaming the free market. Smart folks don’t listen to ‘em; dumb ones do.
If the cause-and-effect is still a mystery to you…well then, you just might be a liberal democrat.
He opens strong too... check it out.