PODCAST: What Wall Street Regulation is Needed? with William D. Cohan


Wall Street is an integral part of our economic system.

Whether you realize it or not almost every single thing that you value or purchase in the United States of America is touched by Wall Street. The financial backbone of our economy runs in a healthy way because of the Investments and capital that companies and individuals trade on the stock exchange. On this episode of the Capitalism.com podcast, hear from author William D. Cohan who has spent many years on Wall Street in a variety of roles. His view is not that we need to come down on Wall Street or demonize the companies that make it up, but that we need to get proper, smart regulations in place the truly hold people and companies accountable for their actions. You can hear his recommendations on this episode.

The importance of a stock market in a capitalist economy.

The stock market is what enables companies to receive the influx of capital that they need in order to grow and produce more and better products. Without it, there would be very little in the way of innovation or economic growth in the United States. William D. Cohan shares his insights into how Wall Street impacts the everyday budget and income of average Americans on this episode of the podcast. His recommendations for what we do to keep Wall Street in check not only makes sense, but they are practical as well.

What’s wrong with current banking and investment regulations?

During the economic crisis that occurred in the past 10 years, many regulations were put in place to keep Banks and investment firms in check. The problem is that most of these regulations are 20 or more pages long, very convoluted, and cause more confusion than clarity. What is needed to keep Wall Street accountable is simpler regulations that truly have teeth to bite those who are guilty of misusing or abusing the system.

The cost of compliance on banks and individuals.

The average American company that deals in the financial industry is burdened by regulation that costs more than it saves. For every four people who worked on Wall Street, there is one person who has the job of watching those for people who are doing the work. It’s bureaucracy and regulation that doesn’t work and cost much more than it is worth. On this episode of the podcast, William D. Cohan shares his perspective on what can be done to modify and amend the regulations that are applied to Wall Street and clarifies why the right approach is not to demonize Wall Street but to reform it.

What needs to be done about Wall Street?

William D. Cohan points to the latest financial crisis that occurred in the United States as an example of how Wall Street regulations need to be changed. In that scenario, hardly anyone was truly held accountable in ways that deterred them from doing the same things again. Regulation that is effective is regulation that is possible and personally painful to those who are guilty of infractions to the laws that are in place. He suggests that those who are guilty have their homes, businesses, cars, bank accounts, and much more confiscated as penalties for the abuses they have done. You can hear his perspective and get some insight into why he has come to those conclusions on this episode of the Capitalism.com podcast.

Outline of This Episode

  • [0:47] Who is William D. Cohan?
  • [1:13] The importance of a stock market in a capitalist economy.
  • [5:40] The problems with the banking regulations that currently exist.
  • [11:30] The cost of compliance on banks and individuals.
  • [13:37] Bill’s recommendations for what needs to be done about Wall Street.
  • [16:56] How you can find out more about Bill Cohen.

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