Unfortunately, little has happened over the past five to eliminate the ingredients of the political bubble. The Republican Party and much of the Democratic Party remain ideologically committed to financial deregulation. Congress remains polarized, gridlocked, and dysfunctional. Fragmented regulatory agencies remain under-resourced, yet authorized to formulate and enforce hopelessly complex rules for hopelessly complex markets. And most importantly, the political clout of the financial sector has scarcely diminished.
The New Political Bubble