Good advice from Alan Blinder

NYT:  Financial Collapse: A 10-Step Recovery Plan

Blinder's 10 step program

1. Remember that people forget
2. Do not rely on self regulation
3. Honor thy shareholders
4. Elevate risk management
5. Use less leverage
6. Keep it simple stupid
7. Standardize derivatives and keep them on exchanges
8. Keep things on balance sheet
9. Fix perverse compensation
10. Watch out for consumers

I think he misses one

•  Government insurance for anything which acts like money.  Stopping bank runs before they start saves money in the long run (see Gorton)