The confusing nature of this multifaceted and paradoxical situation is interesting. On one hand we have the political. Most of the parties involved in implementing the deregulation and helping the banksters were on the left, which the right wing media so helpfully points out. However, the deregulation was done under the Right’s interpretation what is needed for the “free market”, which is now a talking point of the left.
OTOH, The Federal Reserve, a non-partisan entity who I am especially critical of, encouraged and amplified the problem while employed by our country to protect from these situations. The Fed’s psychological invisibility cloak is finally broken. They are under the spot light now and than is bad for them. If any “party” had the view to see where this was going it was the Fed and they should be under the utmost scrutiny.
At this point I would say that the majority of the politicos do not sufficiently understand the problem and just read from their parties “economic crisis” cliff notes that is jam packed full talking points as if unknowingly following a script. I always cringe when I hear the pre-written partisan pablum that politicians spew out. I have no tolerance for that anymore.
Yet, on another level we let the political engineers of the whole thing and a former member of the Fed in charge of fixing it. I don’t even think I have to mention how destined-to-fail that is.
