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We Demand Banking Regulation
Glass-Stegal had to be repealed because of the increasing competition pressure from overseas, and the need for cross border capital flow's benefit is evident from the 90's boom. Repealing it may not be as bad as people been screaming about. What DID fail is that regulation couldn't keep up with the evolution for the last 20 years.
I hope to see some progressive regulation that will move away from blindly reacting to a system that can facilitate market forces. TRANSPARENCY!
1. derivatives (more than just clearing house, but a derivative exchange like CBOE for options.)
2. CMO disclosures. Subprime didn't become cancerous from issuing those loans, but it's how it's cut up. At some point, people lost count of who owns what, and who owns the underlying risks.
3. Resolution authority NOT through FDIC but through T-Boone Pickens and Carl Ichan to tag team any TBTF firms.
When I see the bank "oligarchy" today, it looks similar to the massive conglomerates of the 70s. Same idea as some of the banks. Only conglomerates went away after the decade of corporate raiders and LBOs instead of a financial crisis. Who knows...maybe the next wave of hostile takeovers coming....
Apr 16, 2010. 11:25 PM
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