The problem of course is whether it will go far enough.
Is it finally time for americans to start to question the religious dogma of Milton Friedman.
Or should we just smile and keep whistling in the dark, that, well, these things happen, it is the way of life, and we should just accept that the Really Smart Guys will find a way to make the Liquidity Farms grow more liquidity at warehouse wholesale prices...
It will be fun to watch how limited the debate will really be. There are some interesting places, such as the referenced The Money Meltdown - which has a john stewart moment in it.
But I wonder if there isn't a core problem in all of this, namely the adoption of the mythology of the majikal market, which is both the free Market and the free Trade, and they bring freedome to the free... The rest of you will have to pay retail.
Of course dr_strych9 takes the totally irrational perspective that there were persons who were not supportive of the current rush to catastrophy, and some of them go back to lamenting the madness that comes from forgetting the past and removing the Glass-Steagal Act, and replacing it with the bi-partisan bill.
But if there is some value to be found in history, and gosh, maybe Francis Fukuyama was being honest when he stepped away from the myth of the end of history... What if we opted to use this opportunity to actually view both the flow of the past, as it actually happened, and not merely as it should have happened in the correct ideological orientation. Then who knows, we might look at the question of Planning.
Which would of course bumps into the holy doctrine question of whether or not the invisible foot of the market can really plan.... Or is the history of excesses, that it remains unable to plan.
Ah yes.... what wonderful things could come of this...
Why gosh, there might be a need to differenciate between what things a market can do, and what things must be left to the resolution mechanism of a democratic republic in a federalist formation....
What? Arrive at a place where there were room for a Quaker Profit, but no need for Disaster capitalism?