Krugman suggests that the start of the Financial Crisis Inquiry Commission hearings — the government’s effor to figure out what the hell happened with the bank meltdown — shows only that the bankers still don’t get it:

- Paul Krugman, Bankers Without a Clue

Well, if you were hoping for a Perry Mason moment — a scene in which the witness blurts out: “Yes! I admit it! I did it! And I’m glad!” — the hearing was disappointing. What you got, instead, was witnesses blurting out: “Yes! I admit it! I’m clueless!”

O.K., not in so many words. But the bankers’ testimony showed a stunning failure, even now, to grasp the nature and extent of the current crisis. And that’s important: It tells us that as Congress and the administration try to reform the financial system, they should ignore advice coming from the supposed wise men of Wall Street, who have no wisdom to offer.

Obama’s economics advisors are the people who should listen to this, but the won’t.