Ok, has this f*cking world gone mad? The administration is asking the bank execs who were responsible for one of the worst economic crashes for advice on how to get out of the sh*thole? It's like you asking a bunch of bankrupt daytraders how to make money daytrading!!! WTF?
You mean like Mozillo, Cayne or Dick Fuld and hopefully Pat Bryne (fighting the righteous fight against evil short sellers). Boo!
http://finance.yahoo.com/news/Banki...7.html?x=0&sec=topStories&pos=1&asset=&ccode= It's downright outrageous and depressing to see them even ask for such a thing. Hasn't it only been a couple years since we identified the root cause of housings problems to be loans going out to unworthy candidates? Now they want the government to subsidize the risk?
The government was a major player in the policy that allowed the housing bubble to happen. It began during the Clinton years talking about how every American deserved the right to own a home. Bad credit? No money down? Well we're the government- we'll just guarantee all the mortgages... And then Bernanke dropped interest rates and Bush cut taxes, and then we had madness. Oh, and of course banks with their corporate greed, trying to raise quarterly earnings with no regard for shareholder wealth or possible loan losses. But the media just likes to blame the big banks. Don't believe everything you see on CNN.