If you wonder why I described the America’s Future Now 2010 conference as “surly,” I think that actions like Jared Bernstein’s underscore it. People are desperate for real engagement from their leadership. But they feel like they have been put at arm’s length. Because they have.

For most of us (John McCain excepted), the collapse of Lehman Brothers, Fannie Mae, Freddie Mac, Bear Stearns, Merrill Lynch, AIG (and others no doubt yet to come), is a clear sign something major has gone wrong with our financial system.

One of the main culprits in this debacle is the deregulation of the financial industry—which happened in large part through the efforts of McCain economic adviser Phil Gramm, who as senator, pushed through legislation allowing institutions to combine commercial banking and investment services.