Economist: Good Piece On the Financial Crisis

"America's regulatory structure wasn't designed to handle this brave new world...Now that crisis is upon us, regulators are learning that their old crisis remedies also aren't suited to these new structures...second big theme is that the Federal Reserve and the Treasury are finally understanding that they must consider the incentive implications of their actions for this crisis, and not simply for the next crisis...a third theme, it will be the question of who is to bear the burden of these financial losses. The weekend's events suggest that officials are becoming nervous about the extent to which taxpayers are on the hook for too much of the cost
http://www.economist.com/blogs/freeexchange/2008/09/a_grave_new_world.cfm