So why doesn't Robert Murphy complain about the Fed tinkering with the economy by alternately lowering rates too low and then hiking rates too high? That's where most of this mortgage mess came from.
Because the people who set up the Fed made sure that it was unelected - and unaccountable.
Now, we might as well complain about the wind as complain about the Fed.
Another factor contributing to the mess was the urging of the mortgage industry by the Feds to engage in 'creative financing' to accommodate almost anyone who was able to sign the documents.
Why did the Feds do this? They did so at the urging of the administration that wanted a robust economy. They created a false prosperity with all the wild spending of HELOC money, outrageous profits from 'flipping', builders laughing all the way to the bank and retailers not being able to stock the shelves fast enough.
Yep, our administration proved to be "all hat and no cattle" or more appropriately "all mortgage and no equity"
That way folks won’t feel the pinch and the banks get their money.
However, either nobody wants to or bureaucratic minutia prevents this.