Quote Of The Day

John Allison, Chairman of the Board of BB&T on Bill Bennet’s radio show yesterday:

“Very little focus I think has been put on the fact that this whole problem has really been caused by government policy. Mistakes made by the Federal Reserve which by the way owns the financial system. You can’t have a problem with the financial system without it being the Fed’s fault. It’s a definitional issue. And government housing policy and particularly Freddie Mac and Fannie Mae. They would never have existed in a free market. When they went down, they had 5 trillion dollars. They were the primary cause of the problem we have in the housing market that led to the problems in the economy.”