Things we should see if our leaders really expect to improve our financial system:

• a regulated CDS/CDO market
• mechanism to hold credit ratings agencies responsible for their ratings--no more blind acceptance of models from investment banks
• substantial re-enactment of the Glass-Steagal law, including major reduction in leverage allowed.

It blows my mind that investment banks geared up 30:1 and still only managed fairly normal profit margins. Or losses. Really, how much leverage should be allowed? If I have $10,000 saved, make $50,000 a year and have even $10,000/year in disposable income, would you loan me $250,000 so I could invest it in the markets? Because someone basically said "yes" to Lehman on that proposition.