Geoff Colvin examines in the latest Fortune the various explanations offered for the economic collapse of 2008. He offers four potential scenarios that have all been offered as explanations: 1. Free markets ran amok. 2. Grenspan did it. 3. Bill Clinton spawned the subprime epidemic. 4. Americans lost their self-discipline.

What does Colvin believe?

So what happened in 2008? Of course I like the nuanced combination of factors, but if forced to order off the menu above, I’d say that answer No. 4 is the most nearly correct. My prediction is that answer No. 1 will win. I hope I’m wrong.

For more on the economic crisis and the role of politicians in perpetuating it, see a recent John Hood Daily Journal.