Below I have attached what is the most sane depiction of reality in the US Financial System, from someone with credibility. In a "Dear Senator/Congressman" note, CEO, John Allison walks through 14 reasons why he thinks "it is inappropriate that the debate is largely being shaped by the financial institutions who made very poor decisions" rather than companies like that which he heads up throughout the mid-Atlantic and southeast states ($136B multi state banking company with 1500 branches).
Here are three points he makes that should not and cannot be ignored:
1. "There is no panic on Main Street and in sound financial institutions. The problems are in high risk financial institutions and on Wall Street"
2. "Protecting the banking system, which is fundamentally controlled by the Federal Reserve, is an established government function. It is completely unclear why the government needs to or should bail out insurance companies, investment banks, hedge funds, and foreign companies"
3. "Treasury is totally dominated by Wall Street investment bankers. They do not have knowledge of the commercial banking industry. Therefore they cannot be relied upon to objectively assess all the implications of government policy on all financial intermediaries."
John Allison doesn’t need a short selling ban in BBT. He’s getting the job done.