From the first Leader in today’s Financial Times:

The world has not ended. The international economy has not yet collapsed. But one thing is now quite clear: the banking system as we know it has failed…The US government does not have limitless resources; even if it did, the challenge in a serious financial panic is for the government to choose the right place to draw the line. Allow a Fannie Mae to collapse, and the US economy might well collapse with it. Yet bailing out anyone who asks nicely is a recipe for promoting (even more) recklessness and yet another crisis in the future.

Right on, man, right on.