Nobel economist Joseph Stiglitz

Let banks fail

"The UK has been hit hard because the banks took on enormously large liabilities in foreign currencies. Should the British taxpayers have to lower their standard of living for 20 years to pay off mistakes that benefited a small elite?" he said.
There is an argument for letting the banks go bust. It may cause turmoil but it will be a cheaper way to deal with this in the end."
Joseph Stiglitz
Nobel prize economics 2001