Thursday, October 2, 2008

Bank chief exec has better solutions that bailing out Wall Street

That last line says it all. Have we heard anything other than breathless hysteria from the mainstream media? It also sickens me that it was the Republicans in the House who stopped this bailout in its tracks, and not the Democrats.
clipped from
A significant and immediate tax credit for financial institutions to purchase homes would be a more effective solution for the financial crisis than the proposed $700 billion federal bailout, says BB&T Chief Executive John Allison.
The federal government should also buy homes, and not securities backed by mortgages, he wrote in a Sept. 23 letter to the U.S. Congress.
“This is a housing value crisis,” Allison wrote. “It does not make economic sense to purchase credit card loans, automobile loans, etc. The government should directly purchase housing assets, not real estate bonds.”
Allison also said it is “inappropriate that the debate is largely being shaped by the financial institutions who made very poor decisions.”
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