It's an interesting discussion and worth watching. As bad as it may be to bail out debtors who made irresponsible decisions, it's also obvious that bailing out the creditors has not helped the economic situation. That policy has failed and has only encouraged the bankers to go back to their old bad habits. Why should taxpayers keep bailing out banks just so the bankers can keep their inflated bonus plans?
This economist had previously called the 2008 crisis and now believes that we are in another depression. If that's the case, we really need to ditch the bad ideas that got us into this situation and think differently about how to get out. The challenge is that politicians rarely show any capability of real change or doing things differently from the mainstream, no matter how poorly those ideas work.
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