"Tamed" as in "probability of catastrophic failure reduced somewhat", yes. "Tamed" as in "returned to its classical function as a service function for industry and individuals", no.
Real taming would mean brokerages who aren't allowed to trade for their own account. Real taming would mean no more "hedge funds"; all funds must be organized as SEC-registered mutual funds. Real taming would mean a Tobin tax (0.01% on every financial transaction) to discourage high-frequency or excessive trading. Real taming would mean not treating interest as a deductible business expense, which would kill the leveraged buyout/private equity industry and end equity to debt conversions.
Since at one time all of those restrictions were in effect, or something else with the same effect was, this is the conservative approach. We know this works.
(Restoring Glass-Stegall is in the GOP platform, amazingly enough.)
Real taming would mean brokerages who aren't allowed to trade for their own account. Real taming would mean no more "hedge funds"; all funds must be organized as SEC-registered mutual funds. Real taming would mean a Tobin tax (0.01% on every financial transaction) to discourage high-frequency or excessive trading. Real taming would mean not treating interest as a deductible business expense, which would kill the leveraged buyout/private equity industry and end equity to debt conversions.
Since at one time all of those restrictions were in effect, or something else with the same effect was, this is the conservative approach. We know this works.
(Restoring Glass-Stegall is in the GOP platform, amazingly enough.)