What's wrong with this?

Karl Denninger of The Market Ticker has some advice for Mr. Obama:

1. You will send up a bill that enacts a full repeal Gramm-Leach-Bliley. This was the law that repealed the Glass-Steagall act (the majority of it, anyway.)
2. You will send up a bill that reinstates the leverage limit of 12:1 that used to apply to investment banks (the dropping of which is the proximate cause of this mess, and which Henry Paulson was directly responsible for through his lobbying and requests) and apply it to all institutions doing business in The United States.
3. You will send up a bill that repeals the 2005 "Bankruptcy Abuse Prevention" act - an act you voted no on originally. This one should be a no-brainer, since you didn't support it originally.
4. You will send up a bill that repeals the TARP/EESA, and will vow to do everything in your power to stop the expenditure of any further funds under the existing law, and you will direct Treasury on January 20th to reverse the tax changes that granted $150 billion in "preferences" without a vote of Congress or even public notice.
5. You will send up a bill that requires the SEC, OTS, and OCC to compel all assets and liabilities to be consolidated upon a firm's balance sheet and directs that all marking methods, formulas and variables along with each asset held be disclosed accurately for every firm that operates in the United States.
6. You will direct The Federal Reserve by executive order to comply with the FOIA filed by Bloomberg and disclose, immediately and forever into the future, all loans issued, to whom, the specifics of the collateral pledged, and the discount or "haircut" applied. Such information will be published via The Web at the point of issuance of Fed Credit and all actions taken by The Federal Reserve or any of its district banks shall be undertaken in the full sunshine of the public view. If The Fed should refuse, you will pledge to send up to Congress a bill to repeal The Federal Reserve Act of 1913, and replace The Federal Reserve system entirely with an entity that will under penalty of federal law operate 100% "in the sunshine."

Denninger argues that we have to accept reality and live within our means. He can go off the deep end but he's right on with this article.