The big lie of the financial crisis is that troubling technique used to try to change the narrative history and shift blame from the bad ideas and terrible policies that created it. Consider the causes cited by those who’ve taken up the big lie. Take for example New York Mayor Michael Bloomberg’s statement that it was Congress that forced banks to make ill-advised loans to people who could not afford them and defaulted in large numbers. He and others claim that caused the crisis. Here are key things we know based on data. Together, they present a series of tough hurdles for the big lie proponents. The boom and bust … Continue reading Barry Ritholtz