This article from The Australian takes the U.S. government to task on social engineering and causing the global financial crisis:
Socially progressive regulation caused much of the mess that has enveloped the US. In pursuit of the perceived social benefits of home ownership, the mortgage dice has been ridiculously loaded in favour of American borrowers. The American dream of home ownership for all is a fraud. Not everyone can own a home. But politicians pimped this dream, creating an unsustainable mortgage industry whose collapse is surprising only because it didn’t happen sooner.
The US mortgage industry will not recover, or deserve to recover, unless someone somewhere is prepared to challenge that politically unpalatable reality. Eager law-makers in Washington are as much to blame for the financial crisis as the unregulated suits on Wall Street.
Wrong regulation, rather than deregulation, is the problem.
It's a great read if you really are interested in finding the root causes of the current subprime mortgage induced financial crisis.