Networks of hierarchic and symbolic neural feedback loops are mot enough by themselves to 'explain' consciousness since presumably there are many structures in the body and brain that are not conscious, but if you add that it is gated and serves some kind of information reducing purpose and that it involves a heterogenous crossing over of sensory circuits and epistemological or model-making ones each with their different internal timings this seems to come closer to what such an explanation would require. The sensory becomes abstracted and the abstract becomes sensory and lo, you have qualia. What this fails to explain is the wilder phenomenology of consciousness, how disproportionately rich it becomes when things get strange. But then, things never get that strange for you, unless you want to say that everything is strange.