I spent some of the morning at The New America Foundation's conference on the London G-20, where George Soros delivered a talk about the financial crisis and took questions. One of the first questions was: Are you pleased with where the Obama administration is going? To which Soros -- a longtime Obama supporters -- replied:

I give them very high remarks in every area except one. That is the recapitalization of the banks.

Soros's preferred recapitalization method was one that I first saw proposed by Paul Romer: Starting new banks. But he also had a more general criticism: Obama should have focused more immediately -- "out of the gate," in Soros's words -- on bank recapitalization.

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