The origins of this (recession) (depression) call it what you will I think go back to the idea that "government is the problem". There are some things that only government can do. One is to regulate financial markets. The idea that markets are self-regulating, I hope, has been totally discreditied. Regulation is the only way to reign in greed.
There are many answers here, they are not pretty: http://www.foreignpolicy.com/story/cms.php?story_id=4590
For months and months and months, talk-talk-talk-blah-blah-blah radio, along with the likes of Phil Graham insisted that there was no recession while the people who knew were shouted down.....we get what we deserve. The lesson: leave your ideology behind and pay attention.
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