Some long running angst may be relieved related to mark-to-market. Remember though, if this doesn't go through we are almost positively going to new lows again.
As far as the last bullet, which may or may not be turned inward, we still have no uptick rule. That's maybe the biggest bullet.
We could repeal inverse ETF's or at least restore position limits in futures. That would limit the committed dollars to these vehicles greatly. We could impose tighter margin rules on equity related futures.
We could make CDS's have as a requirement -- they have to prove an insurable interest. Which would mesh with current insurance law. If this was done, many current speculative CDS contracts would be nullified.
So I would contend we have quite a few bullets left. Many would AT LEAST like to see the uptick rule. I believe that CDS's with M2M reform could become the banks' best friend and greatly juice net interest margin.
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