“When Sheila Bair took over as head of the U.S. Federal Deposit Insurance Corp. in 2006, the agency was probably better known for the FDIC logo on the doors of the nation’s banks than for anything it did. Now Bair is at the center of the financial crisis, speeding the takeover of failing banks and pressing the mortgage industry to ease loan terms…winning praise from Democrats and Republicans.” BLOOMBERG NEWS, October 3, 2008
Robert Frost once said: “In three words I can sum up everything I’ve learned about life. It goes on.” Sheila Bair would certainly agree with this but would add that financial abuse and misconduct don’t have to! Ms. Bair incorporates scathing remarks in her descriptions of the missteps that were taken that led to the economic crisis this country is still experiencing in her expose , “Bull by the Horns”. She has received acclaim as having been an effective chairman of the FDIC, and was among the first to pinpoint the foreclosure debacle, calling for actions to be taken to address the problem. In addition, she reveals behind the scenes information regarding bank bailouts and levels the field with an insistent outcry that regulatory measures be established to monitor financial institutions and markets in order to protect the public and prevent this from reoccurring. Ms. Bair is extremely candid about the need for Main Street Americans to be educated as to how big business does business. She leaves very few stones unturned and names prestigious malefactors without hesitation.
This is an engaging book to say the least, and Ms. Bair provides an intellectual awareness of the conflicted financial system in this country that is exemplary. The underlying message she conveys, however, is even more remarkable than its pecuniary elements. She makes it crystal clear that one must not walk away from this chronicle without the revelation that the insatiable desire for wealth and power is alive and well amongst too many people in authoritative positions in this country. A prescription
for alleviating future financial pitfalls is spelled out f or the reader with candor and pur pose of direction. The book is filled with explicit statements regarding the need for the powers that be to become cognizant of the fact that they represent all their constituents, not a select few. Perhaps it is incredibly naïve to think that their actions should be fueled by the spiritual phrase, “I am my brother’s keeper”, but oh the glorious, utopian atmosphere that might prevail if that was to occur. Then, life would go on in a meaningful direction for all!