FDIC Chairwoman Criticizes Bailout Of Banks Over Homeowners

Sheila Bair has emerged as a major power broker during this crisis. And, someone one independent mind willing to stand against political correctness. She has been increasingly vocal about what she believes is misguided policy applied to this crisis. In today's Wall Street Journal, she again publicy voices concern over the focus of bailing out banks at the expense of homeowners.

As someone who believes Wall Street and other financial institutions have preyed on many American citizens while many consumer protection laws have been thrown out the window, I tend to believe many of her points have merit. This does not excuse the speculators but I suspect a very small percentage of those who are now being kicked out of their homes by banks are speculators.

Were Bair the Treasury Secretary, there might have been an opportunity to deal with some of these crises years earlier and mitigate many outcomes. Bair first voiced concern for many of the problems now facing our banking system as a Treasury executive in 2001.