I also agree.

Unfortunately the likelihood of that system coming about is about one in a million. Possibly if enough people understood the inherent weakness in the current system, the psychopaths in positions of power started seeking forgiveness and the current system blows up beyond recognition it possibly could get implemented.

In the mean time, the best we could likely hope for is something like the former Glass-Steagall bill that severely limited banks and again separated deposit and loan banking from investment banking by breaking up the TBTF banks. Bank lending could once again become a boring but lucrative business and the high flying investment banks could go belly up periodically without injuring anyone but themselves and the investors that invested with them. But even the feeble attempt called the Volker bill could not get implemented and has pretty well been castrated, so the likelihood of getting anything significant done before a major catastrophe in my opinion is nil.

The way I see it, the best we can do is protect ourselves the best we can, which at best is not very well. The crap is going to have to hit the fan before anything significant in the way of banking reforms will get done.

John