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  • The Ten Most Egregious Assumptions of 2008  [View article]
    "Banks will be careful with their money"

    Of the 10 listed items this is the one that surprises me the most. I confess to being in Greenspans company of "shocked disbelief". I worked in a bank holding company for 10 years, including during the last real estate recession in the early '90s. I developed a healthy respect for the credit assessment abilities of bank officers. I still don't understand how they could have generated so much bad paper 15 years later.

    Part of the blame has to go to their regulators. Congressional Democrats have fawned over Sheila Bair, a Republican appointee as Chairman of the FDIC, but she has presided over a terrible breakdown in loan quality and should be taken to task for that.
    Dec 16 15:48 pm |Rating: +2 0
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