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[Lady-baron]

He is right but is not that easy. The mechanisms that are now in place to bail out banks go back to the lessons learned from the great depression where the failing bank system led to a lot of poverty so in the first place these mechanisms protected and still protect the small people's savings and those savings constituted an important part of the bank's working assets. Now that hardly anyone has saved money and most of the pension money is in 401k funds (i.e. the stock exchange), America has spent the same money 3 times and now it is really gone. It is going be very painful to put these assets back. So I am not ready to throw away the mechanisms that bail out banks, because they protect the people that still have been smart enough to put some money aside.
I agree with Stiglitz that it is the victims of predatory lendings that need protection.

So the only players that should suffer from this are the chumps that have practiced the predatory lending tactics.
They should be disowned and sent to jail. (i.e. credit and debit card companies)