The left likes to blame economic freedom for the great recession and so they say we need more government control to avoid it happening again but Government is subject to the same problems that caused the sub-prime and financial crisis. Even getting some money from the federal Government and with the power to tax some local Governments are going bankrupt!
IMO the problem is that the current monetary system is not robust they disruptions. It has serious feedback problems. I think that we need to move to a competitive monetary systems were the incentives are to counteract a contraction.