A new financial system - back to the safe old days

The current financial system has collapsed. This system was built on the following:

> private capital to fund the banks
> short term deposits
> greed of bankers, taking excessive risk

The central banks have to bail out the system by putting in taxpayers' money to recapitalised the banks. The outcome - governments will be the majority owner of most of the large banks. I think that this is a good outcome (contrary to what most other people think).

I believe that the new financial system should be built on the following pillars:

> public ownership of the large financial institutions
> a limited range of low cost, fair financial products (forget about the innovative complex products designed to cheat the public)
> government guarantee for long term bonds or deposits (better still, issued by the government)
> a bigger role for government, more government control

This was the financial system a few decades ago. Let us go back to the safe old days.