Having (hopefully) scared you appropriately with the previous post, I now point out that the money markets were only one part of the picture. Let's not forget that we still have the mortgage market and the insurance markets freezing up quite apart from the money market disasters. Every crisis gets compared to the Great Depression. This very nearly was.
There are strains on the left and the right that are kind of okay with this idea.
The right wing version says "Let them fail! Fractional reserve banking is inherently unstable, and we've been living on borrowed money. We need to cut back to our natural, credit-free level of output and consumption."
The left wing version says "Let them fail! Capitalism is inherently unstable; greed is no way to run an economy. We need to force banks to stop doing all of these dangerous things and regulate them so heavily they can't make a mistake. Also, as a general rule, rich people should suffer for their mistakes, and ordinary people shouldn't. This is a great opportunity to repeat FDR's awesome victories!"
These are two ways of being dangerously silly. Whatever your ideal looks like, there are two rules of financial system change:
1) Very rapid change is very bad
2) See above.