One of the most articulate and knowledgeable authorities on the financial system and crisis is MIT Professor and former IMF Chief Economist, Simon Johnson.
Another interesting point Johnson makes is on how Too Big to Fail may not in fact be the biggest challenge the financial system faces. Instead Too Big to Save could be the larger problem, and he highlights Ireland's government as an example. After Ireland's two largest banks failed the government assumed the liabilities of those two banks. I previously wrote about this topic here.
Recently yields on Irish sovereign debt have spiked, leading some to wonder whether Greece with its Eurozone/IMF bailout is the 'Bear Stearns' (which, similar to Greece, was the first U.S. bank to run into trouble and was bailed out) while Ireland becomes the Lehman Brothers equivalent of the Eurozone sovereign debt crisis.
(Not) Fiscally Conservative
Separately, Professor Johnson also takes to task those claiming they are "fiscal conservatives" but aren't willing to address the issue of Too Big to Fail Banks (which he also recently wrote about here and here).
Professor Johnson and James Kwak are also the authors of the book 13 Bankers, which the New York Times reviewed here.