David Leonhardt--why no bank debt cram downs?

NYT mag columnist David Leonhardt says the idea of making bank bondholders pay is finally getting some traction. An argument for bailing out the bondholders, however, is that it could create another post-Lehman-failure freeze.

Obama's interview with NY Mag's David Leonhardt

Obama tells the NYT that he doesnt' support a Glass-Steagall approach for regulatory reform: "Canada would indicate that good, strong regulation that focuses less on the legal form of the institution and more on the functions that they’re carrying out is probably the right approach to take."