Here is a very interesting debate by Bill BradleyNiall FergusonPaul KrugmanNouriel RoubiniGeorge SorosRobin Wells et al.

My Summary:
1. The US banks have to be nationalized
2. We need better regulations around derivatives and bank capital norms
3. The US needs to grow through normal sustainable means like investing in technology and innovation and increasing productivity
4. The US consumer would have to scale back on their consumption and increase savings, at the same time the rest of the world needs to increase their consumption and decrease their savings
5. All the stimulus in place would have to be reversed at the first sign of reversal as it has huge implications to the US balance sheet and its credit worthiness