A link from The Big Picture led me to a column from Senator
Ted Kaufman of Delaware that lays out a plan for rebuilding
the financial system. It sounds pretty sensible to me, this whole
idea of Too big to fail should mean a company needs to be broken up
before it fails.
It's too long to excerpt, but here's the highlights:
The Volcker Rule: A Good Beginning
Glass-Steagall for the 21st Century
Size and Leverage Constraints: Cutting the Mega Banks and Shadow Banking System Down to Size
Hopefully something will be done to wind back the clock to the 1970's, if
there's another financial crash I don't think the USA has much left on it's credit
cards to do another bailout.