Bank CEO Testimonies Before House FSC

After looking at Rep Frank's House Financial Services Committe grilling of the TARP CEOs on the morning of February 11, '09, Pericles21 feels the CEOs deserve no heavy blame. Further, at this point, blame talk is pointless. It is simply a bad financial situation that needs fixing. But, the public wants to see the wringing of hands and several kinds of mea culpa. So, the Frank Committee hearings were useful. And so, what now? We are still left with the problem of how to save the financial sector loans from defaulting and homes from foreclosure. That problem will require cleverness and innovation because the solutions will have to go against the ABC's of economics which is bad debt should be dropped and bad businesses should die off as a natural culling process leading to the better health of thebusiness organism. The problem is things have gone so far into badness that bad business represents a major portion of the organism. Letting "bad" die off will be like cutting off a leg to save the foot.