We took a crisis of bank and consumer balance sheets and relocated it to the government balance sheet by artificially generating liquidity backed by government liabilities. We didn't change many of the underlying mechanics (if you believe that the mbs rating schemes and bad mortgages were a symptom and not a cause which I do, we did fix those things)

The problems with a debt crisis at the sovereign level is there is only one can left to kick and that's the inflation can. The government says they don't want inflation but if it comes down to real solvency issues, they are going to give in to inflation, if the choice is between that and defaulting.

We basically have been playing a liquidity shuffling game since the first tech bubble.

The Fed will curb inflation with high rates that slow down the entire economy and drive up unemployment, which is exactly what they're doing.

"Too Big to Fail" was introduced into our vocabulary.

I think beyond that it's too many words to really get into?

Pretty much, to me I think the problems facing the US economy entirely revolve around wealth inequality and require significant, painful policy measures to fix.