apparently, the gao doesn't buy this la-la markets will fix themselves nonsense.
here's the report of high risk areas released yesterday:
http://www.gao.gov/new.items/d09271.pdf
it takes you straight to the full report. the section on outmoded american regulation of the financial sector is pp. 13-19.
it simply outlines the problem, pointing to it's magnitude, without making specific policy recommendations.
but the central arguments are:
a) financial sector activity has not, cannot and should not be unregulated.
b) a regulatory framework that is hopelessly outdated is no better than no regulation.
c) the current regulatory framework is in no way adequate.
to address this, the most basic requirement is the rejection of neoliberal economic ideology out of hand.
but read it for yourself.
99 ppg. of fun.