I think Richard Epstein's is the best brief summary of the general perception of the current mess:

[O]ur bipartisan consensus is holding true to form. In a system that is chock-full of heavy regulation, they instantly blame the current collapse on the excesses of the free market, for which a still heavier dose of regulation supplies some supposed cure.

I should have read Mike's piece more carefully before making the statement above. His concluding statement, even shorter, complements Epstein: "Things aren't so bad that a panicked bunch of politicians can't make it much, much worse."