In my system though, there would be job-retraining programs and massive public works and research programs as there is no shortage of these things that need to be done.
The economy has already been screwed up from government intervention, capital must shift away from things like student loan debt, housing, service sector. Yes the repeal of Glass-Stegal, while keeping the government-backed FDIC insurance was a major factor in allowing the leverage and bubble to form.
See, in your system, we would just shift the money to the already-in-a-bubble education system, temporary employment measures, and more government bureaucrats (often just as parasitic as the finance industry). The free market is already shifting back to an almost-forgotten-system of apprenticeship. I can't think of anything that would fuel real job-creation more than the spirit of entrepreneurship through apprenticeship.