LYNNE KIESLING: An alternative approach to the bailout: enable fast recapitalization. Related thoughts from Alex Tabarrok. “The consensus among economists is now clear, the best strategy for dealing with the financial crisis is to recapitalize the banks that need recapitalization. Paul Krugman, John Cochrane, Luigi Zingales, Douglas Diamond, Raghuram Rajan and many others all advocate some form of recapitalization as do Tyler Cowen and myself.”

UPDATE: More on economists and the bailout.