Nobel-prize winning economist Eugene Fama spoke at the annual gala of the American Enterprise Institute on Tuesday night. (I'm an AEI visiting fellow, and I was there.) There he said something not many folks say in elite circles:

I think it would have been, in the long term, very healthy to have let the banks fail. Now there would have been a lot of short-term pain associated with that. But what you would have found after that is that Too Big to Fail wouldn't be an issue any more....