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Political Bubbles by Keith T. Poole, Howard Rosenthal, Nolan McCarty

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PART II

POPS

Why Washington Delays in Solving Financial Crises

Introduction

As we saw in part I, government rarely acts to keep a bubble from getting out of hand. But surely when the bubble ultimately pops, governments do better? If only they did.

Many observers, including us, have been dismayed at how little and how poorly the financial system has been reorganized in the aftermath of the crash of 2008. Ideology, interests, and institutions all moved in the wrong direction.

As we show in chapter 7, the ideological positions of members of Congress elected before 2008 went virtually unchanged. The midterm elections of 2010 brought about not only a Republican majority but a movement of that party to the right after an influx of Tea Party members. ...

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