Another important argument against self-correction is the extent to which institutions of government (and by extension regulation) have been captured by the lob

Another important argument against self-correction is the extent to which institutions of government (and by extension regulation) have been captured by the lobbies and proxies for the wealthy. Add to that the fact that one of the only voices for the middle/working class that actually had some political clout - unions - have been on the decline for a generation, and it really starts to look like a rigged system where all politicians profess to support working class values but really are beholden to the rich. Although I certainly wouldn't say that both parties are equally bad in this realm, it definitely is a systemic problem, and one that makes a correction less and less likely as it becomes more entrenched.