Simon Johnson  documents how Wall Street lobbying to obtain favored status with US politicians, not only precipitated this financial crisis, but also is preventing an adequate resolution – policy decisions are being made to favor banks at the expense of taxpayers, thus setting the US up to follow in the footsteps of Russia and  Argentina.
The Atlantic Online

the U.S. economic and financial crisis is shockingly reminiscent of moments we have recently seen in emerging markets (and only in emerging markets): South Korea (1997), Malaysia (1998), Russia and Argentina (time and again). In each of those cases, global investors, afraid that the country or its financial sector wouldn’t be able to pay off mountainous debt, suddenly stopped lending. And in each case, that fear became self-fulfilling, as banks that couldn’t roll over their debt did, in fact, become unable to pay. Just as in emerging-market crises, the weakness in the banking system has quickly rippled out into the rest of the economy, causing a severe economic contraction and hardship for millions of people.

But there’s a deeper and more disturbing similarity: elite business interests—financiers, in the case of the U.S.—played a central role in creating the crisis, making ever-larger gambles, with the implicit backing of the government, until the inevitable collapse. More alarming, they are now using their influence to prevent precisely the sorts of reforms that are needed, and fast, to pull the economy out of its nosedive. The government seems helpless, or unwilling, to act against them.

the U.S. is unique. And just as we have the world’s most advanced
economy, military, and technology, we also have its most advanced
oligarchy.
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Professor Roubini weighs in on the validity of the above cartoon: ““spending $700 (increased now to $810) billion of public money is the best way to recapitalize
banks has absolutely no factual basis or justification. This way of
recapitalizing financial institutions is a total rip-off that will
mostly benefit – at a huge expense for the U.S. taxpayer – the
shareholders and even unsecured creditors of the banks. ….The pockets
of reckless bankers and investors (will) have been made fatter under
the fake argument that bailing out Wall Street was necessary to rescue
Main Street from a severe recession.”

He continues “the Treasury plan is a disgrace: a bailout of reckless bankers, lenders
and investors that provides little direct debt relief to borrowers and
financially stressed households and that will come at a very high cost
to the US taxpayer. And the plan does nothing to resolve the severe
stress in money markets and interbank markets that are now close to a
systemic meltdown. It is pathetic that Congress did not consult any of
the many professional economists that have presented – many on the RGE Monitor Finance blog forum
- alternative plans that were more fair and efficient and less costly
ways to resolve this crisis. This is again a case of privatizing the
gains and socializing the losses; a bailout and socialism for the rich,
the well-connected and Wall Street.”