Is lashing the MBA education fair?

Ever since the credit crisis hit the streets, there has been several quarters where the archetypal US MBA has taken a beating. The latest in the series is this FT article.  This article seems to have fallen just short of directly drawing causality - something like "MBAs caused the crisis".  Well, there may be a correlation between MBAs and CEOs of busted banks - just because most of the senior executives in US finance industry have an MBA from one of the top schools.  That by no means provide any evidence that MBA education should be tarnished in this manner.  It is almost like saying if there are too many sick people in the hospitals - the field of medical science should be lashed.  But in fairness, one can argue there are some "holes" in the education process that does not prepare MBAs as "managers" (in line with Mintzberg's book).  I can at least say - no one in the right mind in my class ever nor the professors have ever claimed that a freshly minted MBA has all the expertise that can run a big I-Bank or corporation. So I really don't understand why this confusion.  I think there is lot of emotion (mostly anger) thrown at a degree that people have gotten maybe 20-30 years back in their careers.  Mintzberg says that most of the management discipline is to be learned on the job.  I dont disagree.  And for that reason why not delve into the practices of specific industries and organizations and see how they have groomed and professionally developed people.  We then go into how banks, corporates, retailers, government, and consumers all behave in the mix in their respective organizations that eventually contributes to one's professional and managerial development.  If we go through that then we put our hand where the mouth is. It was a failure of multiple entities or organizations starting from the average household that saw cheap credit and went beyond the means.  Cheap credit that was set up by low interest rates by the Fed along with generous housing plans through Freddie and Fannie.  Creditors and banks jumped on to park the huge inflow of capital from China and other countries in areas that had higher yields.  With almost no regulation on leverage for Investment Banks, securities were made out without much attention on what was the underlying asset and how that was prices.  After all housing sector was returning 15-17% compared to 1.5% Fed rate.  And then when the whole house of cards fell - we began the blame game.  As if all of this possible was engineered by greedy Wall Street fat cats who are taught these lessons in their MBA.  As a counter argument, I would reckon that one of the primary reasons for higher productivity, lower unemployment, and sustained innovation and growth in US is due to better management and B-schools have their fair share of contribution in that - whether through churning out MBAs or through research.  And most lately - countering the myths that circle around in political circles - like executive compensation, free-market recklessness, short-term thinking versus long term, etc.