The financial system collapsed because the US economy 'specialized' in a single crop - finance - at the expanse of a diversified productive economy. The political system is totally discredited because it is run by a failed political elite which blatantly represents and acts on behalf of a few thousand financial oligarchs; a couple hundred militarist oligarchs and a few dozen zealous Zionist organizations.
The 'power elite' is only as powerful as it is able to manipulate, intimidate and beguile three hundred million plus US citizens into thinking that they are indispensable to their lives. The overwhelming popular rejection of the privatization of social security and the Wall Street bailout suggests that the ruling oligarchy is not invincible