The role of government agencies in causing the housing bubble continues to be debated endlessly.

As such, it’s always a good idea to have this chart — posted today by Hale Stewart — of various housing bubbles around the world.

If you really think it was all Fannie and Freddie’s fault, then you have to explain why the U.S. just happened to have the same (roughly) arc of a housing boom as basically every other industrialized country all around the world at the same time.

Your thoughts?