Posted on 01/31/2009 2:22:19 PM PST by EagleUSA
The Wall Street crowd that packed into the ballroom of the fancy Times Square hotel didn't know what was about to hit it. As the bankers and analysts sliced into their grilled beef tenderloin and chicken, Sheila Bair stepped up to the microphone and told them off.
Too many people couldn't make their mortgage payments, she said. The mortgage industry was sitting on a ticking time bomb and just didn't get it. Pick up the phone, she said, and talk to borrowers.
"The sense of hostility from that audience was overwhelming," said Howard Glaser, a Washington-based mortgage industry consultant who sat at Bair's table that day in October 2007.
"I thought they were literally going to throw their desserts at her."
It would not be the last time the chairman of the Federal Deposit Insurance Corp. got under somebody's skin. Since the banking crisis erupted, Bair has led the call for more government action, creating a rift with former President George W. Bush's treasury secretary, Henry Paulson, and thrusting herself into the limelight.
Bair, who speaks in a soft but rapid-fire monotone, is a constant presence on financial news talk shows and on Capitol Hill. Forbes magazine last year ranked her the second-most powerful woman in the world, behind only German Chancellor Angela Merkel.
(Excerpt) Read more at news.yahoo.com ...
Think this will backfire?
Looks to me like she’s a Bush appointment
Think this will backfire?
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It could. Obama’s direction is clearly anti-capitalist. That does not sit well with the half of America that does not want him in the Oval Office, let alone having his “policies” destroy out economy, which is nowhere near as bad as Obama states it to be.....
“Sheila Bair stepped up to the microphone and told them off”
It was government action that forced most of these bad loans Sheila. You nitwit.
Oh right, people like ‘Putzhead’ Schumer can cause a bank run and be praised by the Dhimmicrat majority....
I’d say many of the people sitting in that room were big time Obama donors.
She was appointed to the post for a five-year term on June 26, 2006. Bair will also serve as a member of the FDIC Board of Directors through July 2013.
Bair also pursued a seat in the U.S. Congress (she lost the 1990 Republican nomination in her Kansas district by 760 votes). Bair began her career in the General Counsel’s office of the former US Department of Health, Education and Welfare.
Bair assumed a prominent role in the Bush administration’s response to the crisis, including successfully pressing for a provision in the federal government’s financial rescue bill that temporarily raised the cap on FDIC insured deposits to $250,000 per account. She also used regulatory powers to temporarily guarantee bank debt and insure all non-interest bearing deposits to an unlimited amount. Additionally, Bair worked with the Treasury Department to inject capital into the country’s largest financial institutions.
Bair publicly criticized the Bush Administration’s $700 billion bailout package, saying it will not do enough to help Americans facing foreclosures. Bair told the Wall Street Journal “[W]e’re attacking it at the [financial] institution level as opposed to the borrower level, and it’s the borrowers defaulting. That is what’s causing the distress at the institution level,” she said. “So why not tackle the borrower problem?”
I’d say many of the people sitting in that room were big time Obama donors.
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Well, if they were, let us hope they get real fed up, real fast.
I don’t think BHO’s Presidential Authority has this kind of Reach. It was Government Threats that forced the Bad Mortgange loans in the First Place.
Hey Bair, you ain’t talking to a bunch of Ignorant DEMS . . . These guys work for a living and they know how they arrived to the Current Financial Crisis with BAD Mortgage loans.
Last time I checked, BHO could NOT control the Banking Business of the Private Sector except through bad Laws and Stupid congressional Tricks.
For Example, Oil company CEO’s being called to DC to Testify . . . they still left Rich Men and the Envy of the Bankers. Hell, Exxon has a better credit rating than the USA right now, don’t we wish Banks were in the same Profit arena ?
Her invective will serve to further terrorize men who wear belts and suspenders. It will not unfreeze credit markets.
Hey Bair, you ain’t talking to a bunch of Ignorant DEMS . . . These guys work for a living and they know how they arrived to the Current Financial Crisis with BAD Mortgage loans.
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Money is power and I really don’t think BHO really understands what he is messing with....these guys are in the big leagues but he is not recognized for his wisdom.
She should tell her story to Fannie and Freddie.
And Bawney Fag and Chris Dood.
The congress foisted this disaster upon us and now they’re blaming the banks who followed their demands to loan money to unqualified borrowers.
GIVE ME A BREAK
Things have proved she was 100% correct!
>and insure all non-interest bearing deposits to an unlimited amount...
And what would those be?
Nancy won't like that..
The bad loans are not the problem, you nitwit!!
That corrected it!!
Well, she's actually a Bush appointee (and former Republican congressional candidate), but there isn't really much difference, is there.
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