We need to break up the banks. Here is my idea for how.

Last edited Sun Jun 10, 2012, 08:48 PM - Edit history (1)

1) Reinstate the Glass–Steagall Act, breaking apart commercial and investment banking
2) Allow investment banks to do business with PBGC-insured private pension funds and public-sector entities of any kind only if those banks submit to extra layers of regulation.
3) Allow federally chartered commercial banks to operate inside only a single Federal Reserve district.
4) Allow state-chartered banks to operate only in the states they are chartered in unless they get permission from additional states. After three or four states, require those banks to get a federal charter.

Thoughts?