Mort Kondracke thinks so, and judges Barack Obama’s early response to our financial crisis to be the more serious of the two candidates’.
Like John McCain, I’m no expert on economics, but I know a thing or two about virtue. Kondracke wants the government to save us from ourselves, which is, one might say, the forte of contemporary liberalism.
But there is, I think, a more fundamental problem. All of these investment banks became "creative" in their undertakings because their customers--us--weren’t satisfied with relatively small returns on their investments. It doesn’t take a rocket scientist--or an economist--to understand that high returns generally come with high risks. If we could have been "satisfied" with more modest rates of return, instead of expecting that we could earn in the double digits on our investments, perhaps the investment bankers wouldn’t have gone so far out on a bunch of very shaky limbs. But sobriety in our financial expectations requires sobriety in our personal lives, at the very least, the classic bourgeois (and not even heroic) virtue of living within our means.
John McCain could talk about that, even though it would be (in some respects) an "un-Republican" thing to do.
Update: Or rather, backdate: I see that Julie has already stated more or less the same view below (too lazy to link).