Theres no doubt government played a role, but to fix the problem it just needs to be understood that Wall St. Was and is as reckless as the "whackos" claim it is. Government certainly had a hand, but its important to try and distinguish which party is responsible for an action unless its a bipartisan disaster. In this case its always been a keystone of conservative principles to let a "free market" do its thing, which translates into Republicans junking old rules and laws that have stood the test of time. Or when they do create laws for the finance sector, its the banks and their lobbyists writing the stuff for Republicans literally word for word in many cases. The private sector credit rating agencies also colluded by stamping the securities with perfect ratings...and lest we forget were now learning nearly every single significant interest rate has been manipulated as well. One party is willing to turn the other way in the name of the free markets and their portfolios, while one actually is trying to put in place some common sense reforms now...but theres so much dysfunction nothing with any teeth will pass. Thus history will repeat itself lol.
I get the idea of having a free market, but you have to have rules that are in place and can be regulated effectively. We still have a multi trillion dollar shadowbanking derivative sector, and banks are bigger than ever. As corporations expand and become bigger they add more support and infrastructure and rules to keep their culture in place as much as possible. The government needs to be able to do the same thing, and adapt and expand its laws and regulations as more and more entities are needed to deal with a rapidly evolving world.
I saw the one Rep comment on how impressed he was with the inner workings of Housing Finance, and how Fannie and such are complicated thoughtful entities. We need more big ideas like that, not rolling back of countless important programs because of a baseless debt paranoia. I just hope they can come together and get thus right for the common shareholder. We dont even need to get greedy with the percentages and well make a truckload
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