The core problem is that the WSJ believes (or, again, says it believes) Big Lie of the Financial Crisis: that it was government, not market failures, that caused the housing bubble and collapse.

Now it’s trying out a Big Lie of the Post-Crisis: that it was the government, not Wall Street that “won” the regulatory aftermath.

If you'd like to get email from CJR writers and editors, add your email address to our newsletter roll and we'll be in touch.

Ryan Chittum is a former Wall Street Journal reporter, and deputy editor of The Audit, CJR's business section. If you see notable business journalism, give him a heads-up at Follow him on Twitter at @ryanchittum.