Similarly, Bhidé argues, having non-financial firms orient themselves towards maximizing returns on their stock, held by anonymous, transient, deliberately uninformed people and institutions, is a recipe for bad corporate governance. He wisely does not say that precisely our current financial crisis and aftermath was inevitable, but we had arranged everything to make some such crisis very likely, and are on track to keep just those features of our institutions which led to the crack-up. He does not propose to actually ban things like credit default swaps, but to try to clearly separate utility banking from the casino. Naturally, Bhidé closes with a chapter on What Is To Be Done. Anything which takes deposits that can be freely withdrawn and lends or invests on that basis would have its deposits guaranteed by the government, but would also be severely limited in what it could invest in: "nothing besides making loans - after old-fashioned due diligence - and simple hedging transactions", which he elaborates as loans that "can be monitored by bankers and examiners who do not have PhDs in finance". All other financial players would not be allowed to take short-term deposits from the public, or trade with or borrow from the utility banks; they would, however, be free to pursue whatever arcana of financial engineering catches their fancy. The point of this measure - which he aptly describes as "retro", "a more stringent Glass-Steagall Act" - is not to eliminate financial speculation, but to limit the harm it can do to the real economy, by decoupling it from the machinery of day-to-day payments, credit and investment.
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They will disappear when we have liquidated our military fronts and when we shall have raised the mental level of our masses." I could help in that, she continued. I could work among the women; they were ignorant of the simplest principles of life, physical and otherwise, ignorant of their own functions as mothers and citizens. I had done such fine work of that kind in America, and she could assure me of a much more fertile field in Russia. "Why not join me and stop your brooding over a few dull gray spots? You are more in tune with the modern approach to the child than Maxim Gorki," I said. In part, however, he agreed with Gorki, he replied, for most of Russia's young generation were tainted with bad heredity, which the years of war and civic strife had accentuated. But rejuvenation could not be brought about by punishment or terror, he emphasized. "That is splendid," I remarked; "but are not terror and punishment the methods of dictatorship? And do you not approve of the latter? Once these have been liquidated, we will begin in earnest to build the real Socialist Republic, and the dictatorship will then go, of course." He considered it stupid to hold Denikin, Yudenich, and their kind responsible for all the shortcomings of Soviet Russia while ignoring the evil of the growing new bureaucracy and the increasing power of the Cheka. It was also very bad policy to proclaim Russia's educational achievements from the house-tops, he thought. Much was being done for the child, but the real herculean task was still ahead. "Rather heretical!