Past FDIC Chairman Sheila Bair

“The thing I hate hearing most when people talk about the crisis is that the bailouts “saved the system” or ended up “making money.” Participating in bailout measures was the most distasteful thing I have ever had to do, and those ex post facto rationalizations make my skin crawl. What system were we trying to save, anyway? A system in which well-connected big financial institutions get government handouts while smaller institutions and home owners are left to fend for themselves? A system that allows government agencies unfettered discretion to pick winners and losers with taxpayer money? A system that has created cynicism and despair among honest, average working people who take responsibility for their own actions and would never in a million years ask for a government bailout? A system that has spawned two angry political movements on the left and the right that are united in their desire to end the crony capitalism characterized by too-big-to-fail policies? That is not a system I want to save.”

Excerpt From: Bair, Sheila. “Bull by the Horns.” Free Press. iBooks.

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