The roots of our current economic crisis

From the Columbia Journalism Review’s The Debt Privilege:

We all know too much debt is at the root of the economic crisis. And we’ve seen lots of step-back pieces on the conditions that created the environment for that debt creation—monetary policy, of course, but also the advent of securitization, the credit-default swap, etc.

But we haven’t seen much in the news pages on another 30,000-foot-view reason: The tax code preference for debt over equity. Commentators like Felix Salmon and Steve Waldman have been talking about this for months.

So, uh, why have news companies by and large ignored this? Lots of good links and quotes in that post. Go read.