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March 6, 2009

Quote Of The Day

by Doug Mataconis

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.”

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2 Comments

  1. I liked BB&T for their stance against eminent domain abuse, but am not so sure about them after they took TARP funding.

    Comment by Stephen Gordon — March 6, 2009 @ 7:23 pm

  2. Well, I addressed that point when it happened:

    Is it really appropriate to blame the banks for this ?

    Like I said about BB&T, it isn’t the job of a corporation to adhere to a specific policy, it’s the job of a corporation to maximize profits and protect the interests of shareholders.

    If the government puts a big pot of money in front of you, there’s an argument that it would be a breach of the Corporate Officers fiduciary duties to the shareholders to say no.

    I’m just sayin’………

    Comment by Doug Mataconis — March 7, 2009 @ 8:40 am

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