I don't disagree with Richard Posner often (nor lightly)

But I disagree with him on this:

I do not think that the government does bear much responsibility for the crisis. I fear that the responsibility falls almost entirely on the private sector.

He hangs the crisis on private sector use of leverage.

I hang it on off-balance sheet government accounting, easy monetary policy, and the federal executive branch twisting the arms of Fannie and Freddie to make risky loans.

Maybe we are both right.