Thoughts on the Banking Crisis

So I can't figure out what to think about the banking crisis. On the one hand, I don't want to go through a huge depression, but on the other hand I don't want to return the financial industry to where things were at in 2006, which is what Geitner and co. seem to be trying to do with their current plans. There is some awesome debate going on between liberal economists, with a line having been drawn in the sand. On one side you have folks like Paul Krugman who think that enough hasn't been done, and on the other side you've got Brad DeLong who thinks that things might be ok. I think that Simon Johnson has made a bunch of good points in his article The Quiet Coup. But he is coming under criticizm for being a former employee of the International Monetary Fund, which some say are partly responsible for this mess.

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