exactly. perfectly stated.
i think i'd lay the larger part of the blame on deregulation of banks and the last administration's refusal to fund oversight and discouragement of real enforcement.
that said, there were a lot of factors which led to the current situation. it is silly to choose any one and say it is THE cause.
what we do know is anyone who says this administration CAUSED our financial problems is a liar.
did the admin fix iit quickly enough? not to most of our liking. the why's of that can be debated. i have my own feelings about it. no doubt others will disagree.
What we should of learned, IMO, is that lassiez faire capitalism isn't the answer. The New Right has made an absurd argument that too much regulation is the cause of our economic woes and each candidate for the GOP nomination says as much.
We must learn from history, and the panics of the past. Sadly, those who lean right spend a good deal of their time revising history to advance an ideology which has proven to create booms and busts.
Too much regulation and regulating the wrong things are two different things. Also regulating the safety of products and or conditions, as a f'instance, and demanding that employers only hire union are also two different things.
The government has intruded so far into the activities of business that it now seeks to dictate to experts in industry segments how to best do their jobs.
This is insanity. It is no different thatn me telling the plumber who comes to my house to do his job in a particular way whether it makes good sense or not. He should know how to do it. What i need to do is let him work.