Tyler Cowen has not given up hope (no, really!):
We need a new banking system. A new banking system takes years to build. We will be in an economic downturn for years and because this crisis is global it will not be better than Japan in the 1990s. It is hard to build a new banking system through the current, old, nearly insolvent banking system.
A new banking system, restructuring of state-finance relations (possibly even temporary or long-term nationalisations), recreating an international banking regime, realignments between the US, Europe and China: Political scientists and economists who are into institutional analysis will have a field decade in the coming years trying to sort all of this out.
PS: Here’s Helmut Schmidt (in German) on the financial crisis a couple of weeks ago.