- Britain's banks, especially those receiving public funds, should immediately adopt a policy of voluntary restraint, in pay and bonuses.
- If taxpayers are paying, their representatives should decide on bonuses, and any earned should be given in share options, exercisable only when public funds have been repaid.
- Failure should not be rewarded. Bonuses paid in the past year by banks bailed out by the taxpayer should be repaid now.
- At a time of widespread job losses and sacrifice, it is vital that there is a not only a widespread perception of fairness, but the reality of it too.
Simple, direct. Krugman's op-eds in the Times have bordered on this level of prescription, but this is not opinion: it is a statement, sanctioned by the editors of the paper, of what must be done as policy.