I don't think it's the 401s that cause or allow the crisis to happen. It's the lax regulations, or lack of regulations, that allowed managers to bundle packages of mortgage loans that contained too high a % of high risk loans and give the packages "AAA" ratings. The people that did it and the people who allowed it or facilitated it should all be hung in the public square for starters. And the public should gain the ownership shares of every bundle bailed out. And these aren't my strongest or violence prone opinions.

Sg