If such advice is taken, the result may be as follows:
1. Limit rewards for short-term gains;
2. Financial firms should be partnerships (the same prescription, by the way, as Michael Lewis);
3. FDIC-insured banks should be public utilities;
4. Prohibit short-selling; and
5. Restrict Freddie Mac/Fannie Mae to traditional activities.
6. US will be the global leader in confidence-boosting regulations, and not participate in a race-to-the-bottom;(Wojnilower refused to 'bullet-point' his brief article, saying "No point in summarizing the main points; read it all. It is well worth the effort.)
7. Make it more difficult to game commodities markets;
8. Real estate bubbles less likely to occur.
The last point is true, but the summary is here anyways.