In an attempt to accomplish this, Elizabeth Warren has drafted a reasonable, 21st century take [1] on Glass-Steagall, which Senator Sanders supports.
[1] http://www.warren.senate.gov/files/documents/21stCenturyGlas...
\* Specific numbers obviously made up for illustrative purposes only.
If this were true, then the US banks should have weathered the financial crisis far better than Canada's (highly consolidated). That's the complete opposite of reality.
I don't care much for efficiency when it allows for the penalty-free violation of the law. Efficiency isn't the end all, be all metric.
I would support a legislation that says no bailout money to any private company ever. If something is too big too fail the investors would shy away from investing into it.
Most of the activities the banks were carrying out that contributed to the crash were well known long before the crash, and were not illegal and they weren't being called out for it. In fact many politicians and the public were keen for broader availability of cheap loans. So yes, we need better regulation of financial institutions, but there were many causes of the financial crisis and blame lies in many places and many lessons learned, but you can't apply laws retroactively or arbitrarily.
Have fun competing in the global financial business with massive institutions from other countries.
Edit: removed a unintended global
