I sure hope he's right

Said blogger (and economics professor at the University of Chicago) says that the financial sector doesn't matter near as much as it used to. Maybe we don't need a bailout? Doubtful, the stock/secondary mortgage/derivative version of a bank run seem to be happening frequently. Both my brother and I's banks have gone down (Washington Mutual & Wachovia respectively), it's been fantastic times.

Did any one notice that Detroit got a $25 Billion bailout. Did they have money in the mortgage industry?

Update: If you want to begin to understand what happened, here's a good place to start. Assuming you have an hour.