Do people who consider the credit crunch a "market failure" just not know what they're talking about?

Question by Randall E: Do people who consider the credit crunch a "market failure" just not know what they're talking about?
The problem resulted not from the free market but from the one area of the market that is completely centrally controlled - the supply of money and credit. The Fed after popping the NASDAQ bubble that it had created, didn't keep rates high long enough to suck up that surplus liquidity. Then after 9/11 it cut rates too far too fast and for too long. This is why

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