I don't think he says anything new that's particularly useful and everything useful said is particularly old. His major arguments against "propping up" were mad

I don't think he says anything new that's particularly useful and everything useful said is particularly old. His major arguments against "propping up" were made even as TARP was debated and were used to justify creating a resolution authority that would provide a "bridge to bankruptcy" for ailing banks so they could be liquidated in an orderly manner. The post doesn't make me very confident in his analytic ability, though, since he speaks of the financial system as if it were one big thing, rather than lots of smaller interlocking things that few (no?) people understand in its totality or connections.