The American public that elects these people is itself so disconnected from economic reality that I really don't see much hope of saving the U.S. economy. At this juncture, I think "saving the economy" from collapse is in and of itself impossible. The economy is based on the fantasy that homes are magic sources of cash (a pot of gold at the end of the banking rainbow called "equity"), and that every three to five years a homeowner has some God-given "right" to refinance and draw out $15-30K in cash to buy SUVs and big-screen TVs and deck remodels and plastic surgery.
The idea that an assembled mass of wood, glass, concrete and plastic sitting in the sun and rain and slowly weathering away should get MORE valuable over time is in direct violation of the laws of thermodynamics and is absurd. What we're seeing in America today is not a crash, crisis, or disaster. It is a correction. It is a return to reality. Sure, it feels like a crash for those who were on the meth-like high of fantasy money, but it is no such thing.