[Codayus]

Uh... Current deficits are future taxes.

This is a bit like going out to lunch with some friends, agreeing to split the check evenly, having one of them start ordering incredibly expensive bottles of champagne, protesting, and being told "don't worry, nobodies had to pay for their share of Bob's drinking". Sure, not yet. But the bill hasn't been presented yet...

Also, sure, stopping banks from selling risky bonds as AAA-rated securities would have helped. But no regulation announced to date in the US has stopped or will stop credit rating agencies from calling a risky MBS AAA-rated, or banks from selling a risky but AAA-rated MBS to a willing buyer. Indeed, no such regulation is even possible; it would fall afoul of the US constitution.

The author's glib dig about regulations that "fix" the problem is arguably the best bit in the article. Can you name any regulation promulgated since the crisis that might, even in theory, help? The biggest one so far has been Dodd-Frank, and it's a joke; many analysts think it made the problem worse.