bagehot and the credit crisis

in other words restore confidence by letting money circulate free if lenders are panicking and asking extremely high rates . be severe with banks not complying with market discipline and let them go bankrupt if necessary. every boom has greed and propension to hasard. the market has to send a strong signal and fix indiscipline


http://www.bloomberg.com/apps/news?pid=20601039&sid=aK7I0w1FQa_M&refer=home