Found on MeFi
essentially calling for the nationalization of banks. I have read and reread the proposal and it still makes sense. I would allow private banking to continue in competition with national banks, there should be a source of funds for speculation (gods know it is part of the human condition) but the public good is not served by gambling and greed and thus the risk of inflated ego's are not shared by the rest of us.
We do NOT bail out existing banks, we create new ones funded by tax dollars that insure that money lent is money spent, not speculated. Leverage is an attractive nuisance, child's play. There is a real need for boring banking but it needs to be separated from speculation. So we create national banks that fund real needs and let private banks finance pipe dreams. There is money to be made funding dreams but the rest of us need a stable banking system. Of course this assumes that our democratic institutions are incorruptible not likely but at least we get to vote on the direction we move in. No more money for the greedy. Use public money for public good let those who wish use the private sector where the vig doesn't come down on the rest of us.
The bloodletting will be painful but no more to the most of us than what is already in store. No banking bailout. Create a national bank that lends money where it is needed and let the Mafia cover the rest. Usury used to be a term debated. Time to let the debate rage. The FDIC should only cover banks that play by the rules. Let the consumer decide. Deregulation has reared it's ugly head and shit down your throat.