Critique of the Bailout, From A Banker

From John Allison, CEO of BB&T  (via TJIC).  Here is a taste:

Allison

Download bailout_critique.pdf

 

  • Scott

    Well known Objectivist banker. Check the covers of the BB&T annual reports. Many from http://www.Cordair.com gallery.

  • Scott

    Unfortunately, the libertarian solution shouldn't be what he proposes. He says that to balance supply and demand, the government should buy the excess housing inventory. A more libertarian solution would be to grant citizenship to whoever buys a house in the next 90 days. End of problem. This solution can be tweeked (PhDs only?), but it would work fast.

  • Rob

    Interesting idea Scott, but will these foreigners be buying homes with cash or with a loan.

    I think a loan might be hard to grant since most foreigners lack an established credit history. My manager from France bought a house in the USA with cash, because he couldn't get a home loan. He also can't even convince his bank to give him a $1000 line of credit (to help build a credit history), even though he has tons of cash in that same bank and has plenty of collateral (like his house) which he can't take with him, if he decided to flee the country.

  • David Johnson

    Sorry, but the libertarian solution is to do nothing and let the market correct.

    p.s. Actually there is something government can do. It can stop manipulating the money supply and roll back half the banking regulations.

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  • http://personalmoneystore.com/moneyblog/ Payday Loan Advocate

    Franklin Delano Roosevelt was President of the United States in 1932 as the country was twirling into a severe recession. Is the U.S. better off today than it was back then? FDR’s “New Deal” economic policies radically reformed the way the U.S. Economy works. The government’s role in the economy evolved to a dire extent that America had never seen. In the policies of Roosevelt’s short – term loan that provided the country with a needed lift. On the other hand, it can also be argued that his policies have left long-term damage to the country. Paul Rubin gave his opinion on a Wall Street Journal article, suggesting that while our current state of the U.S. economy is not in the same state it was in 1932, both share many of the same aspects: stock market in a whirlwind, credit markets locking down and Sen. Barack Obama, a Democratic presidential candidate running on a platform that will put increased government regulations in place and into problem areas like the economy. Supporters of the free market economy are concerned that Obama’s governmental “hand-on” policies will not provide the long-term direction that the American economy so desperately needs. Of those who support the standards of the free-market system will no doubt say we are in for the same economic disaster as it was back in 1932.
    Since that at presently the economic status of the country is not so good at they are thinking off. Sometimes we they could notice that there are some areas that they much more giving their attention is some cases but what is more important at presently to survive the country in the economic distress that they are take in.
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