Well, I finally wrote to my Senators about my displeasure over the finanical meltdown. Other than just whining I also gave five specific things that need to be done in the States for the future:
- Ban all derivatives.
- Ban Credit Default Swaps and Collateralized Debt Obligation.
- Create a "Financial Security Authority" which will approve any and all new "innovative" financial products with an eye towards the systemic risk of the new product.
- Ban leverage for any bank over 10 to 1. The new "Financial Security Authority" will have to approve any bank for leverage over 5 to 1.
- A return to the Glass-Steagall Act of 1933.
I think that a bunch of people will need to go to jail also as a warning to Wall St. about the consequences of failure.
posted by Chris #3:07 PM | 0 comments |
