Sean Hannity may have just gone on record as the last person on the planet to recognize the housing bubble.
On Tuesday, Hannity offered a simple -- and spectacularly ignorant -- explanation for the mortgage crisis: Obama's "policies"; Obama's "fault."
Where to begin?
In July 2005 -- nearly four years before Obama was inaugurated -- Dean Baker, an economist and co-director of the Center for Economic and Policy Research, put together a fact sheet on the housing bubble, warning that its collapse would "throw the economy into a recession."
Then there is The Economist from June 2005:
The worldwide rise in house prices is the biggest bubble in history. Prepare for the economic pain when it pops
Or how about economist Nouriel Roubini in 2006:
This is the biggest housing slump in the last four or five decades: every housing indicator is in free fall, including now housing prices.
In June 2007, Bloomberg reported that mortgage foreclosures had hit a "record pace." New Century, a subprime lender, filed for bankruptcy in April 2007; American Home Mortgage followed suit in August. In September 2008, The New York Times' Andrew Ross Sorkin reported:
In one of the most dramatic days in Wall Street's history, Merrill Lynch agreed to sell itself on Sunday to Bank of America for roughly $50 billion to avert a deepening financial crisis, while another prominent securities firm, Lehman Brothers, filed for bankruptcy protection and hurtled toward liquidation after it failed to find a buyer.
The humbling moves, which reshape the landscape of American finance, mark the latest chapter in a tumultuous year in which once-proud financial institutions have been brought to their knees as a result of hundreds of billions of dollars in losses because of bad mortgage finance and real estate investments.
You know ... Obama "policies."