"la réponse à apporter ne peut pas être la renationalisation définitive du secteur bancaire, mais la création d'une nouvelle régulation, car si les marchés sont mondialisés, la régulation, elle, ne l'est toujours pas".
The article is entitled "The Temptation of Vintage Socialism." Again, I think liberals, and certainly socialists, are overreaching in their calls for increased government intervention. Remember, the government is like the Marines. You want it around in a crisis, but once that crisis is gone the government cannot make the countless intelligent decisions needed to offer the best solution. During a crisis, the best solution ain't needed, only a solution. When we are talking about choices regarding what to produce, for whom to produce, and how to produce the government is not the best solution, even given the financial crisis. One must remember that even if the stock market destroyed an ungodly amount of wealth in recent days, it still created that wealth in the first place and it hasn't wiped out anywhere near all the wealth it has created.
But the bove quote from Le Monde gives me hope yet. Manuel Valls, a socialist politician, says, "the response must not be to renationalize the banking sector, but the creation of new regulation, because if the market has globalized, the regulation, it, never has." The very idea that a French socialist is concerned about nationalization means that socialism, in its worse incarnation, is dead. The early-80's Mitterrand government nationalized a bunch of stuff, only to denationalize them later. It humbled the French socialists. People like Dominique Strauss-Kahn, the current head of the IMF and part of the Mitterrand administration, learned that government intervention in the markets can go too far.
As far as regulation goes, I'm for global capital rules, etc. The devil is truly in the details though, and in truth no amount of regulation is going to stop financial crises from ever occurring again. They, by their definition, occur because everybody - banks, consumers, government - miscalculates. Regulation can reorient banks' perceptions of their risks and positions, but at some point people are going to miscalculate systematically again.