We still need a full investigation into how Wall Street firms, asleep at the switch regulators and a passive media drove this crisis. We can't ignore compromised politicians either. A Joint Economic Committee study says: "Government Policy Blunders Largely Caused the Global Financial Crisis."
Missing in all of this is what our goal is. Is it to just rebuild the financial architecture that already failed, to go back to status quo ante, to put the same bankers and institutions that betrayed their customers and investors back in business? The goal should not be to revive financial markets as they have been but to remake them. As Nobel-winning economist Joe Stiglitz explains, "The failure of our financial system to do what it is supposed to do matches in destructive grandeur the macro-economic failures of the Great Depression."
Has going backwards now been redefined as going forward?
The resolution of this crisis is too serious to be left in the hands of the people who created it. Yet they have the power and the purse. Ben Bernanke has finally come around to the notion that we have to do something about housing. This most obvious crisis is being considered last.