Card is understandably upset that Repblicans have received nearly all the blame for the current economic crisis. It should be fairly obvious to most that elected officials of all stripes had something to do with the direction we're going (down). But instead of, well, admitting that, Card selects a few convenient facts and explains why it's all the Democrats' fault:
This housing crisis didn't come out of nowhere. It was not a vague emanation of the evil Bush administration.
It was a direct result of the political decision, back in the late 1990s, to loosen the rules of lending so that home loans would be more accessible to poor people. Fannie Mae and Freddie Mac were authorized to approve risky loans.
What is a risky loan? It's a loan that the recipient is likely not to be able to repay.
The goal of this rule change was to help the poor — which especially would help members of minority groups. But how does it help these people to give them a loan that they can't repay? They get into a house, yes, but when they can't make the payments, they lose the house — along with their credit rating.
They end up worse off than before.
This was completely foreseeable and in fact many people did foresee it. One political party, in Congress and in the executive branch, tried repeatedly to tighten up the rules. The other party blocked every such attempt and tried to loosen them.
All valid. But there is no mentioin of Phil Gramm's role, nor any hint of any Republican wrong. Anytime a pundit, expert or not, tries to "clarify" the economic crisis with a "one party is to blame, here are a few facts" argument, everyone loses.