"In my view, individuals like Sheila Bair - the former head of the FDIC, Paul Volcker - the former Fed Chairman, and Elizabeth Warren - the former head of the Congressional oversight panel for TARP, demonstrated leadership in elevating the interests of the public over the interests of bank bondholders, reckless lenders, and entrenched interests. Unfortunately, all of their voices
were stifled during the credit crisis - though hopefully some provisions of the Volcker Rule will survive, particularly those related to bank restructuring. We would be far along the road to economic recovery had we dealt with our crisis the way Sweden durably dealt with its own in the early 1990's (essentially taking a large portion of the banking industry into receivership, wiping out existing shareholders, writing down bad assets, and then taking the banks public to recapitalize them under new owners). Bernanke, in contrast, has been at the forefront of the kick-the-can strategy of bailouts, accounting changes, customizable stress tests, and helicopter money. "