Following up on our post earlier this week on addressing the underlying frustration of the occupy movement, we see a worthy start on Wall Street reform from Presidential hopeful Jon Huntsman in yesterday’s Wall Street Journal. It is a much improved approach over the dismissive “jealous” comment from Herman Cain.
Huntsman poses some interesting ideas that the Federal Government could implement, and his conclusion is solid:
“Once too-big-to-fail is fixed, we could then more easily repeal the law’s unguided regulatory missiles, such as the Consumer Financial Protection Bureau. American banks provide advice and access to capital to the entrepreneurs and small business owners who have always been our economic center of gravity. We need a banking sector that is able to serve that critical role again. Otherwise the sector’s endgame will be continental European an unsustainable socialist state and the death of entrepreneurship.
Hedge funds and private equity funds go out of business all the time when they make big mistakes, to the notice of few, because they are not too big to fail. There is no reason why banks cannot live with the same reality.”