May 24, 2011
I'm writing because my family and I were affected by the economic collapse of 2008, and we don't want it to happen again.
Wall Street greed and outrageous pay practices were a major cause of the collapse. One way to change the incentives so they don't collapse our economy again would be to delay the bonuses for three, five or more years. That way, we'll know if the loans they made in year one remain good. In the bad days, bankers paid themselves on the volume of loans (mortgages) they generated, not on their quality.
Maybe a review of the antiquated glass steagall act may be in order, it may privide some simple insights into how to prevent economic ruin and bankers' ill gotten gains in the future.
Thank you for considering my comment,
Michael Livingston