FDIC chair supports bailout plan
Bailing out Wall Street may have come at a high price, but the alternative could have been worse.
That was Don Powell's message to Lubbock business leaders Thursday, calling on his experience as chair of the Federal Deposit Insurance Corp. during the Bush Administration to field the group's questions.
But allowing the government to expand its powers any further into the U.S. economy could have far more disastrous consequences, Powell said, dwarfing the national debt accumulated by throwing large banks a financial lifeline.
"I don't think that's America," he said, adding economic decisions based on politics would make the U.S. more like Europe than he cares to see.
Close to 170 members of the Chief Executives Roundtable, a group founded by Texas Tech's Rawls College of Business, gathered to hear Powell's ideas about the future of the nation.
One of the most imminent dangers Powell said he's identified is the possibility of government officials replacing business executives with bureaucrats more interested in garnering favor in Washington rather than pursuing the interest of the economy.
"If they can do that at GM, they can do that at large financial institutions," he said. "Wall Street isn't Wall Street anymore. The real power is in Washington."
When asked to comment on the public outcry regarding recent government spending, Powell said he believes the actions of lawmakers saved the nation from a much worse recession.
The true test of the American people, he said, is whether or not they will allow the government to continue spending now that the major banks and auto manufacturers have been saved.
"You can't discuss a wellness program when you're in intensive care," Powell said. "You can't concentrate."
The former presidential appointee called the crisis a defining moment in American history, one he expects students will study well into the future.
Creating measures to punish businesses profiting from bad business practices will be one part of the solution, but as for the future, Powell said he could only reiterate the obvious.
"It's a very tough issue," he said.
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