It can be largely be classified in these 3 simple staements:
- Prevent banks from owning hedge funds and other proprietary trading vehicles (Glass Steagall II)
- Give the government resolution authority to step in, liquidate, or sell any firm it deems to be in trouble (including mortgage lenders, investment banks, and insurance companies)
- Make shareholders, management, and, yes, bondholders pay for any costs associated with this (the latter is what we refused to this time, which is the most appalling part of the current bailout policy)
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