It's the restructuring, stupid

The ever insightful Richard Florida explains why we have to be mindful of bailouts.  It's the dramatic restructuring our economy that needs attention. We need do be doing what Fallows says the Chinese are doing  Money quote from Florida:

On the other hand, there is the classic question: What better and more effective things might have been done with these trillions? That’s for historians to ponder and decide. But the combination of the massively misallocated resources produced by the bubble (plus the costs of military adventures) combined with humongous bailout spending puts the U.S. behind the economic eight-ball in a way it has not been in more than a century. Having hold on the reserve currency helps, but it cannot absolve all these compounded sins. Sooner or later the money will run out; bills will come due.