A big problem with our system right now is that the more non-democratic parts of our system (Fed, regulatory agencies, etc.) lack non-voting democratic accountability. It's just not polite to mention the fact that if they had any decency, all the top people at the Fed would be resigning in shame. There would be public pressure for them to do so, and the press would amplify such pressure. Instead it's just LEAVE BEN BERNANKE ALOOOOOOONE, trust the man behind the curtain to do his job without any pesky criticism.
The economy isn't the way it is because The Kids Today didn't study enough, it's because the people in charge fucked it up and are refusing to fix it.