Robert Samuelson's View Of Global Economic Crisis Has A Missing Link

This op-ed by Samuelson provides a reasonable view of some of our economic problems. Its hard to disagree about some of his general observations.  Whats missing, however, is that he ignores the behavior of Wall Street, and other large banks, that led to collapse of the banking system.  He also ignores the role that governments played in enabling the banks to flood the world with mortgage backed securities that have lost most of their value. The housing bubbles in the US, Ireland , Spain and the UK, were made possible by the willingness of governments to let the banks maximize their profits by taking highly leveraged risks.  Its hard to imagine a description of the global economic crisis that ignores the primary causes of the crisis.  This is a form of historical revisionism that we usually associate with the former USSR.  It is alive and well in the US.