Nice discussion at the The New York Review of Books on the causes of the crisis and what an appropriate response should be.
Its too long to excerpt fairly, so just start reading . . .
The Crisis and How to Deal with It
By Bill Bradley, Niall Ferguson, Paul Krugman, Nouriel Roubini, George Soros, Robin Wells et al.
The New York Review of Books
Volume 56, Number 10 · June 11, 2009