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on-ramp, if you're going to lay blame, don't forget the fine folks at Fannie Mae and Freddie Mac. Their accounting activities are nothing short of fraud, and legislators have been willing to look the other direction while enjoying the perks of Fannie's fabulous lobbying arm.

Additionally, as the housing boom winds down, we will become aware of many instances in which local governments approved subdividisions and provided occupancy certificates for substandard construction and piss-poor planning. As long as property values and the tax base are increasing, they are perfectly happy to overlook upcoming infrastructure problems.