Some associates and I are considering launching a new Wall Street reform project. I would appreciate your feedback on the following draft mission statement:
In order to make Wall Street better serve the real economy:
1) Discourage risky, nonproductive financial transactions in the paper economy.
2) Break up banks that are too-big-to-fail.
3) Reestablish the wall between commercial and investment banking.
4) Eliminate governmental subsidies for Big Banks that make it harder for community banks to compete.
5) Promote government-owned public banks such as the Bank of North Dakota.