The Farce that Launched the Great Depression II
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.