Archive for the ‘Video’ Category
CNBC’s Maria Bartiromo Interviews Sheila Bair on Libor Scheme & DOJ Post S&P
Finally reaching an agreement, but barely starting to pick up the pieces, the fiscal cliff has been avoided. But, according to Sheila Bair, former chair of the FDIC and current chair of the Systemic Risk Council had some insight for Ali.
She says, “The tax system is broken, the entitlement system is broken and we haven’t even gotten to immigration reform, infrastructure. There are so many problems that need to be addressed and we need a functioning government to deal with them and it takes so long just to get really small deals like this done.”
her criticism wasn’t just reserved for America’s representatives. She had some respectful criticism for the president as well, saying, “We need to find a governing coalition in the country and the president, with all due respect, needs to reach out to Republicans instead of bashing or heckling them. […] The partisanship needs to stop. We need to govern not from the hard liners but the middle.”
The federal response to the financial crisis was “too skewed” to favor bankers on Wall Street instead of families on main street, according to former federal bank regulator Sheila Bair.
“I think we were too skewed in our efforts towards stabilizing big Wall Street firms and not so much on Main Street,” Bair said. “We still need to do a lot of work there.”
Bair, who served as head of the Federal Deposit Insurance Corporation from June 2006 to July 2011, witnessed the 2008 financial crisis firsthand and took on an important role in the subsequent efforts to recover from it. Shortly after the crisis, the FDIC she headed moved to take over 25 failed banks. Blair, however, didn’t always agree with the other key players in the administration, especially her colleague Treasury Secretary Timothy Geithner, when it came to the bailouts of banks termed “too big to fail.”