A recent opinion in the WSJ (Europe is No Model for Our Banks) looks at two sides of the issues as they relate to the political views covered by the Democratic Party. If other party views are brought in, there will be even more sides.
So, the split mentioned in the opinion is between Krugman, a Nobel winner, who is supposedly of the staid side and Summers who is for innovation. Of course, posts here may appear to be more in line with Krugman's view for good reasons.
Minsky's view would warn that financial innovation can be mostly ponzi-like, almost by nature.
As well, one could argue that innovation ought to go against problems of real contextual substance and not to mere gaming for financial gains.
It's nice that we can have these two sides to discuss as a good balance between these two sides would be workable. So, expect such a theme to recurr here.
04/20/2009 -- Summers' view notes that some financial instruments have been shown to be of importance to risk management, hence they ought to be allowed. The main issue is what control is necessary plus how to test finance in the many ways that will be necessary
3 hours ago