One More Wrong Thinking Banker

An opinion piece in todays News Journal purports to explain to us, the voting public, the reasons for and the effects of the recent Wall Street Giveaway (also known as bailout). Written by David Bakerian the article contains much of the same pablum we have been given by other media and banking officials in recent days. Mr. Bakerian may be a fine banker but he is dead wrong in his analysis of the recent bailout fiasco. His conclusion the action taken was the only mechanism to resolve the problem is not correct on any set of terms. There were many alternative approaches offered many of which may have been much better than the one chosen in this case.

The current bailout plan is not having the projected effect as corporate leaders balk at the idea of restricted personal bonuses. If the early idea of injecting capital by buying equity positions in endangered firms had been passed maybe we'd be seeing the effects of real relief instead on ongoing panic today.

The nation is desperate for leaders with both fortitude and vision. Those who continue to support the failed policies of the past must not be allowed to lead into the future. We need a clear new direction for Delaware and the nation. As leader of the Delaware Bankers Association Mr. Bakerian may be excused for his propagandistic approach, but he is not the sort of leader we need in our nation today.

Peace.