Iain Dale has an article from Dennis Sewell on his blog claiming that it is all Bill Clinton's fault, and if you subscribe to the view that all the problems we face are all the fault of the US and their problems, then yes, Iain Dale may be correct. However, if, like the Tory Party, you want to blame Gordon Brown and Labour for the problems we face, then Iain Dale's argument somewhat collapses.
Perhaps most interesting is the quote Iain uses to show us how Clinton was to blame. In this quote it says :
"The main thrust of the Clinton housing strategy was to increase home ownership among the poor, and particularly among blacks and Hispanics. White House aides, in familiar West Wing style, could parrot the many social advantages that would accrue: high levels of home ownership correlated with less violent crime, better school performance, a heightened sense of community."
The problem for me is this seems so similar to the strategy of Margaret Thatcher which has led to our own housing bubble. Council houses were sold off, councils were not allowed to use the cash to build new ones leading to shortages of housing, people getting on the housing ladder without the necessary finance, banks becoming increasingly willing to lend to anyone, and thus the housing boom was born, and from each boom there comes a bust, which we are suffering again now.
I know the argument are more complex than that, but for me the problems in this country were born from Margaret Thatcher's housing policy.