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.

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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 rc2538@columbia.edu. Follow him on Twitter at @ryanchittum.