Overall, I think Allan Sloan does a nice job with this short piece on myths regarding the credit crisis.
Myth No. 1: The government should have done nothing.
Myth No. 2: The government bailed out shareholders.
Myth No. 3: The Volcker Rule will save us.
Myth No. 4: Taxpayers are off the hook for future failures.
Myth No. 5: It’s the government’s fault.
He is a little too easy on the government’s involvement in my opinion. While I don’t think the government was totally responsible, they do share in the blame. They created the incentives for companies to do what they did.
Here is a follow-up article if you’re interested.