do we need a new financial system?III

With no revival of the housing sector or the economy in sight, banks have to eventually come clean and reveal how much they lost on those vehicles. They have to tell the world that they did not transfer credit risk after all. And while the world digests further news of banking sector woes, the next round of bailouts will be just around the corner. Or perhaps the time has come to nationalize banks, set up a giant "bad bank" to be resolved over time, and give banking a fresh start. That may be the most important stimulus the economy needs.