The idiocy never ends. Putting on her best Howdy Doody face,
Sheila C. Bair now suggests that a national bank be created to BUY all the bad bank debt!
So, our new national bank is to be a repository for all the bad debt.
That's not my idea of a national bank. Let's have a national bank that competes with private banks. It would issue 5% credit cards; have no stake holders but we citizens. It would renegotiate or issue mortgages for one-house owners only. It would open branch offices everywhere--using existing Federal Buildings. Administrative staff at branch offices would be guided by, not ruled by, local business and labor leaders, as well as local--not state--politicos.
Its purpose would be to break even. Capitalize it with the next trillion, please.
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