One small example of the writer's wrong conclusion is the history of the Soviet Union. Since the takeover through the Bolshevik revolution in 1917, the new government went on a program of eliminating the "private sector," purging all private enterprises and farms of their owners.
All intelligentsia and people with constructive ideas were routed and/or killed by the millions.
Soviet leader Josef Stalin built a new class of bureaucrats and his own military elite. The economy was built to order and only by order of Moscow bureaucrats. Military buildup was prioritized.
It took another 50 to 60 years to run the state-run economy into the ground, until Mikhail Gorbachev realized in 1988 the end was near.
To change from a government hierarchy back to a productive private and free economy takes more than a generation, because the mind-set under government direction is difficult to change to a risk-taking entrepreneur's mind.
The writer's conclusion that private enterprise's greed caused the financial meltdown forgets the fact that government's policy caused the distribution of worthless mortgage bundles to spread across the greedy banking world.
S.G. Von Schweinitz