I have respect for smooth as he at least will engage and offer some explanation, but if you read between the lines even he admits this is a half-measure. You might not get him to admit this is a band-aid solution but it is definitely implied.
I disagree with him on this though. Between 5% and 10% something IS being done - printing of SBDs is being halted, thus allowing the system some time / grace to recover. Under their proposed solution we will go from full 100% SBD print (at 9%) to haircut (at 10%) literally overnight. The next bust is going to be hard and it will catch a LOT of people out....but the insiders who know the complexities of how the system works will be fine and I am sure they will profit handsomely.