Paying Off Crises One Decade at a Time
Letter to the Editor
Alex J. Pollock | Financial Times
September 29, 2009
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Sir, Barrie Bain (Letters, September 23) forecasts that in 2014 "we will still be paying off the massive debts incurred in the bailout of the financial system". Of course, he's right, but what an understatement! Consider that the US savings and loan bail-out of 1989 was financed with bonds that run until 2030. So we have two decades left to pay on the bail-out of 20 years ago, let alone that of 2008-09.

Alex J. Pollock is a resident fellow at AEI.

About the Author

 

Alex J.
Pollock
  • Alex Pollock joined AEI in 2004 after thirty-five years in banking. He was president and chief executive officer of the Federal Home Loan Bank of Chicago from 1991 to 2004. He is the author of numerous articles on financial systems and the organizer of the “Deflating Bubble” series of AEI conferences. In 2007, he developed a one-page mortgage form to help borrowers understand their mortgage obligations. At AEI, he focuses on financial policy issues, including housing finance, government-sponsored enterprises, retirement finance, corporate governance, accounting standards, and the banking system. He is a director of the CME Group, the Great Lakes Higher Education Corporation, the International Union for Housing Finance, and the chairman of the board of the Great Books Foundation.

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  • Phone: 2028627190
    Email: apollock@aei.org
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