I highly recommend that you spend a few hours with John's book. Preferably, a few days. Give yourself time to absorb what he is saying. Discuss it with friends and family. Okay, maybe not family. No one in a family likes someone who insists on making them uncomfortable talking about politics. Just go annoy a few friends. They expect it.
Don't expect No They Can't to answer all your questions. Be careful reading it. John doesn't get everything right. Indeed, I was somewhat disappointed in the video of the interview with John on Uncommon Knowledge, that he wasn't prepared to respond to Alan Greenspan's error.
“I made a mistake in presuming that the self-interest of... banks... [was] such that they were best capable of protecting their own shareholders... That the loan officers of those institutions knew more about the risks than... even our best regulators. A critical pillar... to free markets did break down... that shocked me... I still do not fully understand why it happened.”
– Alan Greenspan testifying before Congress, 2008
What doesn't Greenspan understand? Clearly, that “critical pillar” collapsed because it was undermined by government incursion into the housing market. The government promised to shield the banks from loss by subsidizing risky investments for political gain. What brought the economy to its knees was the fact that the government made good on its promise by covering the losses with borrowed money - trillions of borrowed cash. Inasmuch as that money was not based on real value, consumer confidence – and business confidence, too – fell and the economy ground to a halt. Even the most unaware consumer intuits that government spending is a poor substitute for real wealth generation.
Take a look for yourself. Read No They Can't and tell me who you agree with, the author or me. Despite this one point, I believe that John is “spot on” in the rest of his book.