The main causes behind the mortgage crisis and the credit crunch, meanwhile, include decades of indiscipline, speculation and the resulting over inflation of home prices. It was not George W. Bush who set up Fannie and Freddie and encouraged home ownership even for folks who could not afford it. Bush did not force these people to buy bigger houses than they could afford by lying about their income. He did not force people to ignore the contracts while signing Adjustable Rate Mortgages and then again use any available inflated equity to buy plasma TVs. There was only one policy that could have prevented the catastrophe—responsibility, both personal and corporate.