In Paul Krugman's most recent column in the NYT, he lays out his fundamental disagreement with the Obama financial vision, as he understands it:
In essence, the administration seems to believe that once investors calm down, securitization — and the business of finance — can resume where it left off a year or two ago....the underlying vision remains that of a financial system more or less the same as it was two years ago, albeit somewhat tamed by new rules.
As you can guess, I don’t share that vision. I don’t think this is just a financial panic; I believe that it represents the failure of a whole model of banking, of an overgrown financial sector that did more harm than good. I don’t think the Obama administration can bring securitization back to life, and I don’t believe it should try.