If we had waited on Iraq and today faced the problem we did five years ago, I doubt we would invade. We wouldn't risk their oil production. With Iran today, it's even more important to the US economy that Iran keep pumping oil. This morning, oil prices are headed back up just because Iran didn't say nice things about their nuclear program. I'm not sure who expected them to, but oil traders get nervous just because of the perceived threat.
I'm firmly of the opinion that Iran realizes that its greatest asset is the appearance of wanting nuclear weapons. Actually having them would be futile. It would be suicidal to use them pre-emptively, probably unrealistic to expect them to be deployed if the US decided to take them out, and runs the risk of an Israeli attack. Actually, if they were known to possess them, that is probably the certainty of an Israeli attack.
On the contrary, the appearance is of great benefit. It keeps tensions high and adds to the price of their primary product. Knowing that they can't actually attack without ruining their own economies, the Western powers are offering more economic incentive to a country that is wallowing in cash already. I see no benefit to Iran in resolving the crisis, so I expect it to continue for a long time.
Too much of Fannie and Freddie debt is held outside the U.S. by people whose credit we will continue to need. The people who sold overpriced houses will keep the proceeds. The people who bought them will keep their houses. People who prudently avoided the bubble will pay for it with taxes. The music goes round and round.
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