Came across this excellent article today, by Peter J. Wallison. In case you haven't seen it, click here.
In a nutshell, he criticizes the standard explanation of political gridlock (an hypothesis that does not square well with the fact of resistance on both sides of the aisle in Congress).
Instead, he suggests the following entirely plausible explanation: The current proposals are not grounded in a valid (or persuasive) explanation of what caused the financial crisis. He goes on to give a lucid description of the power of moral hazard.