If worst comes to worst (and we are getting there very quickly), the USA will turn into France. France is a capitalist country with stronger social and financial regulations. The USA has turned into a creditist country with a ravenous plutocracy. The USA has a class of hyper rich people that buy elections, but average people are so bereft of capital, they have to borrow for everything, They borrow at usurious rates, making the rich richer.
But there is hope. Indeed, looked at it another way, the present crisis denotes the unwillingness of average people to keep on overpaying for their ownership of homes (then, through huge leverage, this avalanched in a giant credit crisis).
The USA got into this in a bipartisan way: a lot of the present excess went out of control under Clinton (Bush only encouraged it further).
The Titanic sank because its rivets were of poor quality (there was a shortage of high quality material to make them, so the hyper rich builder cut corners to build Titanic and its sister ships). Under pressure of scrapping along the iceberg, the rivets lost their heads, so the ship opened like modern tin can do.
Many of the leading socioeconomic ideas of the USA are characterized by a carefully designed poor quality, so that the rich can rule and prosper more, and now that the pressure has come, they are losing their heads.
Fortunately, some ships are better sunk. And what's so bad about France anyway?
Patrice Ayme
http://patriceayme.wordpress.com/
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