Professor Tyler Cowen in 1990 was writing about reforming the banking system based along mutual lines. If he had been listened to back then, there would not have been a banking crisis. This site aims to bring to your attention free market solutions to the banking crisis and this is one. As regular readers of this site will know, some 19 years later Professor Laurence Kotlikoff, has presented something very similar.
http://www.john-goodman-blog.com/kotlikoff-responds-to-tyler-cowen-again/
Since we brought to light this work, a colleague has shown me that Tyler Cowen has taken a different view to that which he mentions in this paper. There is an interesting exchange between Kotlikoff and Cowen on the above link.