But if your concerns are more serious, the ever impressive Ajay Shah does some myth busting:
The above is based on slides (PDF here) from a talk Ajay delivered on the financial crisis. Obviously, it would have been better to hear the man speak along with the slides.
Myth: Governments are bailing out rich people.Reality: Acute pain is being inflicted on shareholders and top managers of financial firms.Myth: unregulated hedge funds are dangerous.Reality: The unregulated hedge funds were fine. The problems were created in the heart of regulated finance, in banks giving out home loans.Myth: The crisis has demonstrated the failure of financial capitalism.Reality: Financial capitalism has delivered $50,000 per capita of GDP in the US.Myth: This is the failure of laissez faire ideology in the USReality: The US ‘Federal Register’ publishes over 50,000 pages of new regulations every year. Regulatory expenses rose 44% from 1990 to 2008 in the US. US financial regulation is far from laissez faire! What failed was dysfunctional governance structures.Myth: The crisis has demonstrated that credit derivatives are dangerousReality: The crisis has demonstrated that OTC derivatives are dangerous.Myth: Innocent bystanders have got hurt because of the shennanigans of millionaire rocket scientists.Reality: US GDP is doing surprisingly well.
The presentation goes into broader range of issues and well worth a look for anyone trying to understand what went on in the financial markets.