This is the thing that isn't appreciated by the blame the Dims / Fannie / Freddi crowd. Sure, that contributed, but it is but the tip of the credit iceberg and it is the leverage and cross defaults created by derivatives that are amplifying a bad, but otherwise contained problem.
No disagreement there. What you are not giving proper emphasis to is the massive cover up when these problems cropped up. Every one is aware and angry about the greed of those on wall street. The incompetence of congress is what needs to be exposed. Problem is most of those involved in stopping any fixes to this are Democrats, many of them minorities. The press is not giving this attention because they are Democrats also.