 Kotlikoff's proposed reform of the financial system, discussed in "Jimmy Stewart Is Dead", called Limited Purpose Banking, transforms all financial companies with limited liability, including incorporated banks, insurance companies, financial exchanges, and hedge funds, into pass-through mutual funds, which do not borrow to invest in risky assets, but, instead, allows the public to directly choose what risks it wishes to bear by purchasing more or less risky mutual funds.According to Kotlikoff, Limited Purpose Banking keeps banks, insurance companies, hedge funds and other financial corporations from borrowing short and lending long, which leaves the public to pick up the pieces when things go south.Instead, Kotlikoff argues Limited Purpose Banking forces financial intermediaries to limit their activities to their sole legitimate purpose—financial inter-mediation.