WILLIAM M. ISAAC
Bill Isaac has authored hundreds of articles in top publications and has frequently testified before Congress.
columns from William Isaac in top financial publications
WILLIAM M. ISAAC
By William Isaac, Published by Investment Dealer’s Digest Magazine
Congress was badly divided last September on the Treasury bailout plan to purchase $700 billion in troubled assets from banks, and rightly so. Some six months and trillions of dollars later, our attempts to stabilize the financial system and stimulate the economy have borne little fruit. It’s time to consider alternatives to spending more trillions we don’t have.
By William Isaac, Published by The Chicago Tribune
Former Treasury Secretary Henry Paulson rushed to Capitol Hill last fall to request $700 billion in emergency funding to purchase “toxic” assets (e.g., mortgage-backed securities) from banks. He got his $700 billion, no questions asked, but then decided to invest most of the money in bank capital instead of bad loans. That midcourse correction was one of the best decisions made during the past six months.
By William Isaac, Published by The Wall Street Journal
People who should know better have been speculating publicly that the government might need to nationalize our largest banks. This irresponsible chatter is causing tremendous turmoil in financial markets. The Obama administration needs to make clear immediately that nationalization — government seizing control of ownership and operations of a company — is not a viable option.
By William Isaac, Published by The Deal Magazine
Washington has been all atwitter the past couple of weeks about a “new” plan to purchase toxic assets from banks.
In reality, the plan is an old idea that should be rejected.
A bad-bank plan will be a horrendous waste of taxpayer money. Banks won’t sell bad loans except at a premium over what they can get in a private sector sale.
By William Isaac, Published by the American Spectator Magazine
The President-elect should immediately call upon the Securities and Exchange Commission to suspend mark-to-market accounting (specifically SFAS 157, adopted in 2006). It’s indisputable that this accounting rule has senselessly destroyed hundreds of billions of dollars of bank capital, is a major cause of the world wide financial crisis, and is crippling the economy.
By William Isaac, Published by Forbes
We have invested billions of taxpayer dollars in the financial system over the past six months, but bank lending is not increasing significantly and the economy is continuing its downward spiral. Considerable damage has been done to the public psyche as we have careened from one crisis to another with little coherence in our strategies. People have lost faith in our financial system and our government.
By William M. Isaac, Published by The Washington Post
Congressional leaders are badly divided on the Treasury plan to purchase $700 billion in troubled loans. Their angst is understandable: It is far from clear that the plan is necessary or will accomplish its objectives.