Ploutos, I think we can all agree on this -
It wouldn't matter what the argument is, it would all boil down to consumers not being able to do what they are supposed to do in this economic design.....consume. We're a country built on perpetual debt by design and there is no fix for it unless we all excercise the second ammendmant and make some serious changes in government. Afterall, the majority of our senate appear to either be the 1% or on their way to being the 1% and they in turn regulate the masses. Seems we need a "top down" approach here.
I might suggest a FIRST amendment solution though, before we resort to the second amendment one (I know what you meant...couldn't resist)
On the FRE/FNM, CRA or GSE debate that borrowers caused the crisis, incorrect, if those loans alone had simply defaulted we'd have long since been through this.
The problem is the massive amount of fraudulent "triple A" rated assets that were pawned onto the market as a result of removing Glass-Steagall.
Please, read this article by Barry Ritholtz, it sheds light on my point and his research is thorough - http://www.ritholtz.com/blog/2011/11/examining-the-big-lie-how-the-facts-of-the-economic-crisis-stack-up/
I might also suggest a quick look into what Fed chair through the Great Depression, Marriner Eccles once said in his memoirs - "Beckoning frontiers", regarding the way consumers are gradually forced into a dependency on debt to substitute a lack of wage growth, which he attributed to the root cause of the Depression - we're repeating this.
This brings me to the point on unions, unions have gradually become less and less present over the last 40 years, at the exact sae time middle class wages have fallen back to a growth rate of less than GDP.
Though I agree that a high school dropout shouldn't be making $75 an hour to work on a factory line (unless he'sa done extraordinary things to improve that line), I also think unions raise the bar for everyone.
FYI, I'm self employed, non-union my whole life, I'm also a Libertarian who believes personal freedom comes first, not corporate freedom or plutocracy.
Corporations are NOT people.