The U.S. housing bubble and the fallout from its bursting are not the results of a laissez-fairemonetary and financial system. They happened in an unanchored government fiat monetary system with a restricted financial system.
Read the full article at Cato.org.
Citation (Chicago Style)
White, Lawrence H. 2009. "Federal Reserve Policy and the Housing Bubble" Cato Journal 29 (Winter 2009): 115-125.