Let's not overgeneralize by lumping everyone into a single "financial industry" - really some sectors like banking are highly regulated while others (like hedge funds) much less so. Despite high bureaucracy, the financial industry as a whole isn't effectively regulated in terms of the types of financial instruments that are traded. Hence our problems with massive underwriting of mortgage-backed securities.
The financial industry has too much bureaucracy and paperwork - not enough sensible regulation and with that I'm 100% in agreement. Why not treat financial instruments like drugs are treated by the FDA? Each new financial instrument would need to be studied, approved, and it's distribution controlled for the public benefit. We could reduce reporting burdens for financial houses, but increase common sense controls on the types of securities that actually serve a public benefit. That would be my vote.
The financial industry has too much bureaucracy and paperwork - not enough sensible regulation and with that I'm 100% in agreement. Why not treat financial instruments like drugs are treated by the FDA? Each new financial instrument would need to be studied, approved, and it's distribution controlled for the public benefit. We could reduce reporting burdens for financial houses, but increase common sense controls on the types of securities that actually serve a public benefit. That would be my vote.