Solving the Real Problems


The following email was sent to all U.S. Senators in 2003. It is about my prognosis in 2003 of the current mortgage crisis, brewing since then under the veneer of economic growth and safety and soundness of the banking system. prognosis has come true, as the crisis has unfolded in 2007 and engulfed the global financial markets since then.
If my Safe Market-Based Banking policy - proposed to the U.S. Congress in 2003 - were implemented, the could be easily averted. The U.S. Congress actually took note of this market-based safe banking policy proposal, from the testimony it sought from the then Chairman of the Federal Reserve Board on the safety and soundness system, after receipt of that paper. The FRB had then followed up to devote its annual conference in 2003 this topic. But, amazingly, the FRB found that the banking system was safe and sound!
The goal of FRB has to be synchronized with the national goals.[1]

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