By Sheila Bair Sheila Bair, chair of the Federal Deposit Insurance Corporation from 2006 to 2011, is a founding board member of the Volcker Alliance, a nonprofit established to rebuild trust in government. She serves as a board member or adviser to several companies, including domestic and international financial firms. May 23 A decade after the massive government bailouts for Wall Street, some of the financial intelligentsia in New York and Washington no longer seem to view them as a bad thing.
As chair of the Federal Deposit Insurance Corporation during those tumultuous years, I worked closely with these three gentlemen on stabilization measures. Those included temporary debt guarantees provided by the FDIC to many large financial institutions like Morgan Stanley, Goldman Sachs and Citigroup so they could continue to access the money they needed to operate as credit markets seized up.
Most of the major failures that occurred during the crisis were not of FDIC-insured banks — for which we had time-tested tools to manage collapses — but of non-bank brokerage or insurance firms such as Lehman Brothers, Bear Stearns and AIG, or noninsured affiliates of big banking organizations such as Citigroup.
The public also needs a more thoughtful reassessment of how we could do more to let mismanaged financial institutions face the consequences of their executives’ bad decisions, whatever the market determines those consequences should be.
And we should stop bailing out Unions too
This is what people are not understanding. It was a combination of bank deregulation (trump is doing this), healthcare bankruptcies (trump is trying to get rid of Obamacare), and housing loans (trump's hud sec doesn't know what an REO is) that caused the economy to collapse
money kills
it should have never happened in the first everyone involved should have been sent to the gallow
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