Former FDIC Chair William Isaac, appeared on Fox News Thursday expressing concern for US banks in the months ahead.
“I do think there are probably going to be more failures along the way,” Issac said.
“The problem we have is the same one we had back in the 1970’s - when the government was out of control with its fiscal policies, its monetary policies. Inflation set in and banks were just not ready for that or prepared for that.”
“Surprisingly, the government has had irresponsible fiscal policies for 20 years and pretty irresponsible Fed policy monetary policies for the same period until recently,” Issac added.
“And we've got to get those things under control. We've got to get the deficits under control. We've got to get the monetary policy in line with where it needs to be.”
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