Forum Post: Demands If you know it deeply (i.e, came from the street)
Posted 13 years ago on Oct. 14, 2011, 4:10 a.m. EST by fixwallstreetnow
(42)
from San Francisco, CA
This content is user submitted and not an official statement
Reinstate Glass-Steagall Act to make it so FDIC insured deposits are not at risk.
Reign in derivatives and toxic compensation that rewards unproductive risk taking and trading
Require cash reserves as a percentage of revenues at major banks (beyond Basel iii). Banks pay over 56% of their profits to their bankers, under the false rationale of “retaining talent.” If the banks kept cash TARP would never have had to occur.
Banks can “lever-up” up to 35 times. This should be reduced to 15-1 or less. The risk is equivalent to having $1000 and being able to go to a casino with $35,000.
Require derivatives to be traded through exchanges and new derivatives to enter exchanges
Wont fix the problem, you are putting a bandaid on an amputated arm. First demands need to be to fix the political system so it works properly and you can make demands through the proper channels( representatives) from your couch( if you are lucky enough to own one)
I am not saying these are bad demands, just that people need to focus on fixing the political system or as we say in the gaming world, this movement will be "epicfail" .
I really wish i could come down to Wall st. Cause it is vital the political system gets fixed first and foremost. You gotta fix the tractor before you start plowing the field.