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The Raelian Movement
for those who are not afraid of the future : http://www.rael.org
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http://www.cnsnews.com/news/article/former-bbt-ceo-bankruptcy-us-mathematica
Bankruptcy of U.S. is `Mathematical Certainty,' Says Former CEO of Nation's 10th Largest Bank
Thursday, November 04, 2010
By Terence P. Jeffrey
Sen. Chris Dodd, Rep. Barney Frank, President Barack Obama
Senate Banking Chairman Chris Dodd (D.-Conn.) and House Financial Services Chairman Barney Frank (D.-Mass.) with President Barack Obama. (Associated Press photo)
(CNSNews.com) - John Allison, who for two decades served as chairman and CEO of BB&T, the nation's 10th largest bank, told CNSNews.com it is a "mathematical certainty" that the United States government will go bankrupt unless it dramatically changes its fiscal direction.
Allison likened what he sees as the predictable future bankruptcy of the United States to the problems at Fannie Mae and Freddie Mac, whose insolvency he also said was foreseeable to those who studied their business practices and financial situation.
"I think the first thing we have to realize is where we're going and to face it objectively," Allison told CNSNews.com, when asked about the trillion-dollar-plus deficits the federal government has run for three straight years, the more than $13 trillion in federal debt, and the $61.9 trillion long-term shortfall the government faces (according to the analysis of the Peter G. Peterson Foundation) if the government is to pay all the benefits it has promised through entitlement programs.
"If you run the numbers, on all those numbers that you just talked about, which I think are accurate, very accurate, in 20 or 25 years, the United States goes bankrupt," said Allison. "It's a mathematical certainty.
"It reminds me very much of that story I told you about Freddie Mac and Fannie Mae," said Allison. "We were running the numbers, and Freddie Mac and Fannie Mae went bankrupt, and we got there. In 20 or 25 years, the United States goes bankrupt.
"Now, countries don't go bankrupt the way companies do," said Allison. "They don't file bankruptcy. They usually hyper-inflate. They print a bunch of paper money, or they become Third World economies like Argentina--unless we change direction. So, we absolutely have to change direction. And the irony of that is it requires an interesting combination. It requires both discipline, but it also requires a focus on growing our economy. And it means a fundamental philosophical change from where we are today, from the idea of redistributing wealth to the idea of creating wealth."
In his interview with CNSNews.com Allison said that when belonged to the Financial Services Roundtable they examined Fannie Mae and Freddie Mac and determined they were going bankrupt. Congressional leaders, however, did not heed their analysis.
"I was on a committee, a Financial Services Roundtable, for nine years trying to do something about Freddie Mac and Fannie Mae," said Allison.
"You couldn't help but see it coming," he said. "You ran the numbers, particularly the last several years, and it was mathematically certain Freddie and Fannie were going bankrupt."
"We met with Congress. We met with [House Financial Services Chairman] Barney Frank and [Senate Banking Chairman] Chris Dodd and they absolutely wouldn't see it," said Allison.
Allison became president of BB&T in 1987 and was elected chairman in 1989. He remained CEO through 2008. He is now distinguished professor of practice at the Wake Forest University Schools of Business. By 2009, according to rankings done by SNL Financial, BB&T had grown into the nation's 10th largest bank.
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WARNING FROM RAEL: For those who don't use their intelligence at its full
capacity, the label "selected by RAEL" on some articles does not mean that I
agree with their content or support it. "Selected by RAEL" means that I believe
it is important for the people of this planet to know about what people think or
do, even when what they think or do is completely stupid and against our
philosophy. When I selected articles in the past about stupid Christian
fundamentalists in America praying for rain, I am sure no Rael-Science reader
was stupid enough to believe that I was supporting praying to change the
weather. So, when I select articles which are in favor of drugs, anti-semitic,
anti-Jewish, racist, revisionist, or inciting hatred against any group or
religion, or any other stupid article, it does not mean that I support them. It
just means that it is important for all human beings to know about them. Common
sense, which is usually very good among our readers, is good enough to
understand that. When, like in the recent articles on drug decriminalization, it
is necessary to make it clearer, I add a comment, which in this case was very
clear: I support decriminalizing all drugs, as it is stupid to throw depressed
and sad people (as only depressed and sad people use drugs) in prison and ruin
their life with a criminal record. That does not mean that there is any change
to the Message which says clearly that we must not use any drug except for
medical purposes. The same applies to the freedom of expression which must be
absolute. That does not mean again of course that I agree with anti-Jews,
antisemites, racists of any kind or anti-Raelians. But by knowing your enemies
or the enemies of your values, you are better equipped to fight them. With love
and respect of course, and with the wonderful sentence of the French philosopher
Voltaire in mind: "I disapprove of what you say, but I will defend to the death
your right to say it".
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"Ethics" is simply a last-gasp attempt by deist conservatives and
orthodox dogmatics to keep humanity in ignorance and obscurantism,
through the well tried fermentation of fear, the fear of science and
new technologies.
There is nothing glorious about what our ancestors call history,
it is simply a succession of mistakes, intolerances and violations.
On the contrary, let us embrace Science and the new technologies
unfettered, for it is these which will liberate mankind from the
myth of god, and free us from our age old fears, from disease,
death and the sweat of labour.
Rael
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