Just the most impressive voice around when it comes to regulatory reform in the financial area – that’s who. Shelia Blair is the head of the FDIC, the government agency which insures deposits in banks. She was appointed by George Bush and retained by BHO.
This lady spotted the subprime problem years ago before anyone on main street or in Congress had even heard of the phrase. She raised the alarm and was ignored – basically by everybody who mattered. She also believes as do I that financial institutions cannot ever again be allowed to grow “to big to fail.” I have read articles about her and seen her on Sixty Minutes. And in this age of government taxpayer funded bailouts, let’s remember one thing. When a bank fails, the FDIC steps in, takes over the non-performing loans, puts in enough money to cover the deposits and either shuts in the bank down or sells what is left at auction to a healthy bank. Who pays for this bailout? The banks do. Not the taxpayer. Banks are assessed insurance premiums each year by the FDIC. Sound like a solution that could be expanded beyond banks to investment banks and brokerage houses. Yep.
I sincerely hope that the politicians and US VOTERS will listen to and make efforts to find out the opinions of Shelia Blair. This lady is the real deal in a time when we desperately need real solutions and real reform not compromise solutions and pandering platitudes.