major flaws in the American banking and financial system

Please tell us what you believe are the major flaws in the American banking and financial system, and what it is that we as a nation should do to fix them?   Long-lasting “fixes” to problems require a good understanding of their underlying causes.  So please also describe what you believe are the “root causes” of the flaws in the system that you identify.     For example:
 
— If you think large banks now fund their investments with too much debt and too little equity, explain why banks are behaving that way now?    
 
And/or
 
— If you believe it is wrong for large financial institutions to rely on statistical models to measure the size of “risks” they are taking because, like Keynes, you believe it is impossible to accurately predict the range of future outcomes, then please tell us why you think so many big banks and asset managers continue to use methodologies like “value at risk” even though these statistical measures of risk “fail” on a regular basis.

And/or
 
— If you think the largest banks are not only too big to fail but also too big to exist, please explain why banks have purposely grown as enormpous as they are today?
 
Please assume you are writing this essay to the President of the United States, the Secretary of the Treasury, and the Chairman of the Federal Reserve System.   Assume they will do what you tell them to do, provided you make a solid case for what you are proposing.
 
Please dont focus on what is politically feasible be bold, in both your diagnosis of the problems and your recommended “fixes” to the problems.

about 750 words.

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