[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2009/POLITICS/02/23/poll.economy/art.wall.st.gi.jpg caption="Wall Street should not be blamed for the crash of 2008, says Frum."]
Financial reform? Not exactly. The bill before Congress does nothing to address the fundamental background causes of the crash of 2008.
Wall Street may have been the instrument of the crash. But the crash was made elsewhere: in Washington's failed policies for middle-class families - and in China's distorted rush for economic growth.
The story is not a simple one. But I hope you will pay attention to the details. If you don't, you may find that the pocket that has been picked is your own.
As you've heard, the crash begins with the huge excess load of debt built up in the last two decades by American households. Why did Americans borrow so much? Some like to tell a story of irresponsibility: We borrowed too much because we were self-involved yuppies who just could not deny ourselves the latest flat-screen doodad for our McMansions.
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