This column was originally published on RealMoney on Aug. 25 at 11:44 a.m. EDT. It's being republished as a bonus for TheStreet.com readers.

Others besides the

Fed

deserve blame, too. Blame for housing. How about how

Fannie Mae

(FNM)

and

Freddie Mac

(FRE)

were able to do whatever they wanted to make housing affordable? How about the capital gains waiver on flipping a house after a couple of years? Or the interest rate deductions for multiple houses? Or the waiver of tax when you rent your beach home out for a small period of time? Or how about the reverse mortgages? The teaser mortgages?

You know what these are all the equivalent of? When the Fed did nothing about margin rates when stock speculation went nuts in the 1990s.

When you tax-advantage the heck out of property, any property, you are going to inflate it. We all knew that this bubble was happening, but nobody wanted to take any action to stem it.

Now we have to do it the hard way.

Fortunately we have job growth, low unemployment and a good banking system.

Unfortunately we did it again. Politicians working with the real estate lobby couldn't stop. The Fed was more worried about natural gas prices -- remember that?

And we have what is on our screens today.

At the time of publication, Cramer had no positions in stocks mentioned.

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