Revisionists from Austrians to New Classicals and Monetarists have gone back and said that if it weren't for the government in the first place, the Great Depression never would have occured.
What are these same people saying now? Where was the intervention that caused this huge housing crisis? Is Greenspan, as part of the "government" - albeit an independent part - to blame for the entire crisis? Few people put this all on the 1990s Fed, though it seems obvious that that the low real interest rates of the 1990s aided the bubble formation.
It seems obvious to me that private industry failed: failed to manage risk, failed to provide full and complete information (and unbiased) to their customers (people that wanted homes that couldn't afford it). And, on the consumer's side, people you could say got wrapped up in the irrational excitement of home buying - and they made purchases that they never should have - and later came to regret. Industry failed to oversee itself; In a word, industry failed.
Now replace the word "industry" with the word "market," and what you get is the most complete evidence that Keyensianism still has something very useful to teach us about the world.