Small bankers around the country are fuming over the Bush Administration’s mushrooming efforts to reward irresponsible banks and borrowers at the expense of responsible taxpayers.
According to the Washington Post, Peter Fitzgerald, chairman of Chain Bridge Bank in McLean, Virginia, is “much chagrined that we will be punished for behaving prudently by now having to face reckless competitors who all of a sudden are subsidized by the federal government.”
Brady Adams, CEO of Evergreen Federal Bank in Grants Pass, Oregon, said that his bank has more than 2,000 loans outstanding and only three borrowers behind on payments. “We don’t need a bailout, and if other banks had run their banks like we ran our bank, they wouldn’t have needed a bailout, either,” Mr. Adams said.
But responsibility is the enemy of Leviathan. That’s why it must be punished.