Turning CUs Loose On Economy
Bob Arnould, SVP-Government Affairs
California Credit Union League, Rancho CucamongaBob Arnould would place the country's future squarely in the arms of credit unions, eliminating membership restrictions on all CUs, as well as the member business lending cap, "and infuse the credit union system with money and personnel and turn credit unions loose to revitalize the economy."
President Arnould said his decision would not only place money into responsible hands, but would jump start business lending, a pivotal step in turning the economy around, Arnould said. The banks' actions that helped lead the economy into recession and the huge executive bonuses paid after taking bailout money illustrate that banks are not the ones to lead the country out of "this mess," insisted Arnould.
"Credit unions are the part of the financial system the people of America can trust, and they should put their faith in us."
"The bailout should not be used to shore up emergency situations, and should instead be thoughtfully invested in ways that would encourage more lending, investment, and business development," Arnould continued. "Because the government allowed things to reach a crisis point, they ended up putting out fires instead of investing for longer-term solutions."
Job #1? Identifying Job #1
Greg Blount, President and CEO
Tropical Financial CU, Pembroke Pines, Fla.With all of the issues facing the country, focus would be top priority for Greg Blount's administration. "We can't go down too many paths at once," offered Blount, who said short-term goals will outweigh longer-term initiatives at the start.
Blount's priorities would be the economy and restoring American confidence, and stabilizing unemployment, home values, and the financial markets. "When I begin to spend my stimulus package, I want to make sure I am doing everything possible in those areas before I spend a dime anywhere else."
To stimulate jobs, Blount would get money into the hands of consumers through tax cuts-including elimination of the gasoline tax. "I'd get dollars into the peoples' pockets and get them spending again," said Blount, who acknowledged plans also have to provide incentives for people to part with their extra cash. "What good are the dollars if people don't spend them?"
To stop the freefall in home values, Blount would also provide incentives on home purchases, possibly guarantee lower interest rates, or breaks on closing costs and downpayments, particularly for first-time homebuyers. Blount feels the Bush and Obama administrations headed in the right direction to stabilize financial markets. "But as president I would eliminate this mark-to-market accounting mechanism that financial institutions are having such problems with."
Blount recognized that there are many long-term issues, such as infrastructure and Social Security, that will simply have to be dealt with later. As for the so-called "bailout," Blount said, "The bailout has to continue until we reach some level of stabilization and get people confident that the world is not coming to an end and it's not the second coming of the 1930s," he explained. "So whatever the price, it's appropriate utilization of funds to undergird the financial system."
No Bail, Let Them Fail
Chuck Bruen, President and CEO
First Entertainment CU, Hollywood, Calif.The free market system would determine the country's economic direction, under Chuck Bruen's leadership.
"I would let some of these companies fail," Bruen said. "I know that may seem radical, but you have all of these lenders that took an inappropriate amount of risk that led to all of the problems, and as a taxpayer, president or not, I am not inclined to bail them out."
Big government and bailouts are not the answer, insisted Bruen, a self-described right-wing conservative. "Let the free market be the free market and let it go at that. The government should not micromanage this. Take it back to capitalism and let the market decide who survives. The free market system has worked for hundreds of years and I don't think the government comes in and protects us against the risks we take."
Giving An Ear To The People
John Deese, President and CEO
PBC CU, West Palm Beach, Fla.It's time to focus on Main Street and listen to the voices and opinions of average people. It's that simple, asserted John Deese. "The government really isn't listening to the people they govern. I would listen to the people, learn from them, and get their suggestions and recommendations."
As president, Deese would set up "think tanks" across the nation comprised of ordinary Americans and leaders of small and mid-sized businesses. "No Fortune 500 company CEOs. I would have the person who owns the dry cleaning store, the man who runs the paper route, as well as executives from local companies-just not the huge companies. Those big company CEOs don't have the same perspective as a fireman going to work everyday, supporting his wife and three kids."
Deese insisted a grassroots effort is needed because the opposite approach, listening to the big banks and throwing money at them, has not produced results.
Better education around the cyclical nature of economies will not only provide better understanding around the actions that need to be taken by all, but will allay some of the fear that's helping drive the economy downward, Deese said. "We have members walking away from their homes because they think that's the right thing to do. If they were better educated and realized that even though they might owe more than their home is worth today, in five to 10 years that value will be replenished. I can't tell you how many of our members have had the same job, nothing has changed in their lives, and they want us to agree to a short sale because they think their house is worth $50,000 less and they want out."
As for the so-called "bailout" or "stimulus" package, Deese added, ""I would take the same grassroots approach. I know there are big problems, such as GM, that are making the news. But in reality, small companies employ more people. So we have to go to them and find out what we can do to help them."
A Pragmatic Conservative View
Dennis Dollar, Principal Partner
Dollar Associates, Birmingham, Ala.Dennis Dollar, a former state legislator in Mississippi (first elected at age 22), and later chairman of NCUA, would seek to influence decision-making to develop "solutions to the present debacle that would be marketplace-based and backed up by a series of well-structured government guarantees, rather than totally government driven," he said.
Even in a crisis, "excessive amount" of government involvement can make it difficult to sort out "who is responsible for what" in our nation's economic structure, Dollar said.
"That being said, there are certainly times where a situation is so dire that the marketplace needs the psychological assurance that only a government backstop can provide," asserted Dollar. "This is one of those times when even a good, free-market conservative realizes that the government must, appropriately and with a measured plan, directly increase its involvement in the nation's economy in order to bring about the confidence necessary to get markets healthy again."
Dollar would support plans to utilize a proper role of government while still keeping the private sector in charge of lending.
"My congressional request would likely be to have the experts look into a mortgage program that had both a government guarantee and a government payoff on the balance due on a fixed, lower-interest, 40-year mortgage if the borrower has made the first 30 years of payments," explained Dollar. "This would lower monthly payments into a more affordable range because of the lower interest rate and 40-year term. Yet it would give borrowers the primary responsibility to earn the government payoff of the last 10 years of principal in return for their performance on the mortgage."
Without detailed numbers to support his plans, Dollar felt that such a program would cost taxpayers less than the present bailouts, while instilling personal responsibility that's needed.
"The present crisis was caused by financial institutions making mortgages to borrowers who could not afford to pay them back, and borrowers signing for those mortgages when they knew it was unlikely they could pay the money back," he said. "I think a government role as guarantor through innovative mortgage programs that people from all walks of life can afford, provided they buy the right-cost house, can be part of the solution to get financial institutions lending again, houses selling again, and the spillover economic growth stimulated again.
Regarding the bailout itself, Dollar said, "I could not have voted for it without many more specifics than were provided at the time. I think it was a rush job in an attempt to stabilize the markets...I feel that a marketplace solution with solid government guarantees could have been formulated without the excessive overextension of taxpayer dollars that are going to be passed down to our children and grandchildren.
"Don't get me wrong," continued Dollar. "A government role is certainly necessary, but overreaching, direct government investment in businesses will be a difficult rope to unwind...We need to make sure the government's necessary role in this crisis serves to backstop the marketplace, rather than overreaching into a day-to-day management of the marketplace."
We The People-Must Be The Stimulus
Dick Ensweiler, President and CEO
Texas CU League, DallasPlacing the power to stimulate the economy in the hands of the people, rather than in the government, would produce a stronger, long-term economic solution, said President Dick Ensweiler.
"We have to have an economy that incents the right actions," Ensweiler proposed. "We need to make sure that people get back into the habit of saving again. We need to make sure that businesses are investing in the future so there is job growth. That means small businesses are getting funding. And we have to encourage home ownership through savings, which can be driven by tax incentives." Other savings incentives are needed to encourage savings for retirement, college education, and medical emergencies, he said.
Ensweiler disagrees with the direction in which the current administration may be heading, which he believes places too much control in the hands of the government. "I get concerned that the answer is the government should intervene. I hear our new president say he wants to repair the infrastructure. That's fabulous. But I also understand that between 80% to 90% of that will be accomplished through government contracts. That's wrong. We're in trouble if the government gets too big in proportion to business."
To allow small businesses to drive the economy, you have to put more money in their hands, said Ensweiler, who'd drive the removal of the member business lending cap by encouraging political parties and the financial sector "to stop taking sides."
As for the overall economy, since bad mortgages helped push the country into the recession, Ensweiler would focus bailout efforts on the real estate market. "I would address mortgages straight on, as opposed to throwing money at the big banks. I would find ways to guarantee mortgages that are underwater, and the money would have to go just for that purpose. "
Ensweiler further outlined that any mortgage closed since the millennium that's "either underwater or the people can't afford it because of the aggressive way the mortgage industry was making loans, the home owners would be able to reduce their interest rate to 1%, or something very low, and then extend their monthly payments again over 30 years...I don't think the government ought to buy the loans. But instead provide the difference, or tax incentives to taxable organizations, to compensate for reducing the interest rates."
Time To Focus More On Tax Cuts
Doug Fecher, President and CEO
Wright-Patt CU, Fairborn, OhioCount Doug Fecher as one CU executive who'd be happy to remain in his CEO role, since the job of leading this country is more challenging today than ever. But when asked by Credit Union Journal where the emphasis in a Fecher administration would lie, he knew exactly what he'd tackle first.
"I'm one who believes that taxes in this country are way too high, especially for corporations. I believe our corporate tax rate is the second highest in the industrialized world. Companies are the ones that create jobs and stimulate economic growth."
Fecher would eliminate corporate taxes for at least one year, which he estimates would cost about $350 billion, to create economic opportunity. "I don't count myself among those who think corporations are too rich," shared Fecher. "I think they have already proven their ability to create goods and services, sell them at a profit, and create jobs. I am a one-issue person, so that is where I would start."
By shifting tax dollars back to corporate budgets, it takes money away from a government that's wasteful, offered Fecher. "I believe the government does not have any money of its own, so it spends other people's money, and they don't do it very well."
President Fecher's tax cuts would extend to the taxpayers as well, and would be permanent.
As for the so-called federal "bailout," Fecher added, "I am very dubious about this bailout plan. The first half of the TARP money seems not to have done anything. So I don't know what piling on more money will do."
Lessons From The Cooperative Model
Bill Herring, President and CEO
Cincinnati Central Credit UnionBill Herring would turn to credit unions to cure the economy's ills, holding up the cooperative business model as the example of how the U.S. economy should be structured.
For the short term you have to focus on the stimulus program, President Herring said. "But that's not going to address our long-term issues. To sustain the country I would mandate that each division of the government look deeply into the cooperative business charter. We'll have a greater community focus, greater ownership, empowerment, justice, sustainability, and all the other attributes we need to lead to lasting change and prosperity. We'll build the strength of the country by engraining the cooperative model more deeply into society."
Herring is in favor of a bailout that focuses on greater accountability for allocated dollars, and that the money should be focused on creating jobs, "more of a WPA effort. I am not in favor of a bailout that gives funds to banks without demanding accountability, and allows banks to buy other banks," he said. "I like the idea of controlling taxes, but what (President) Bush did the first time was give a bunch of money out without any control, accountability, conditions, or restrictions. That's wrong."
Give CUs Access To TARP Funds
Laida Garcia, EVP
Floridacentral FCU, Tampa, Fla.Put Laida Garcia at the country's helm and she'd make sure credit unions have access to TARP funds.
"That's equal protection under the law," she said. "And now we have NCUA making this assessment on credit unions. I think we need to utilize TARP funds." Garcia held that opinion even before the NCUA corporate rescue plan was announced, because "you never know what the future will bring."
In addition to making sure credit unions receive a fair shake, Garcia would make certain that Americans give themselves the opportunity to pull out of the recession. To do that she would work with the national media to stop "messages of gloom and doom. It's overdone. We need to be bit more responsible and ease off on that."
Stopping short of issuing a mandate-and recognizing the right of free speech - Garcia said the press needs to deliver more fair and balanced reporting and "exercise a little more common sense. I'd request that they be a bit more responsible, and while sharing the facts, don't dwell on them. We might have 8% unemployment, but that means we have 92% employment. If people are scared, they won't spend money and more businesses will lay off folks or fail, and we'll create a situation that's worse."
Taxpayers would see relief when Garcia resurrects sales tax deductions on new cars purchases and other items. She also backs a flat tax.
Garcia would exercise caution when addressing military issues. "I don't pretend to be smarter than those in Washington, but I feel we need to maintain a strong military presence. I fear that some of the actions that President Obama has already taken, such as closing Guantanamo Bay, could be seen as sign of weakness. Look what happened to Kennedy and the Cuban Missile Crisis, and that led to the Vietnam War."
Extra! Extra! There Is Good News
Sandy Lingerfelt, President and CEO
Clinchfield FCU, Erwin, Tenn.As the national media bombard Americans with negative stories about the economy, Sandy Lingerfelt fears the U.S. could be headed for a "self-fulfilling prophecy," and would do everything in her power as president to prevent that.
"I'd put a muzzle on the media and the negativity," she said. "They are controlling us. I live in Tennessee, and if we didn't have all of these TV broadcasters telling us how terrible the economy is, we'd think life was just perfect."
Lingerfelt would help the country "concentrate on the positive. This country has so many wonderful opportunities. For example, in the financial industry we have credit unions. I would hold up the good things and reward the good behaviors, rather than the bad, which is what's happening now. I would not hand billions of dollars to people who have misused money to begin with and encourage them to do more of that."
Lingerfelt would encourage the press to "get out of the Beltway" and go to "Main Street. See what's happening in Erwin, and in other places where the economy is fairly even."
As for the federal stimulus package, "I don't think enough thought went into it. There should have been a lot more thought put into exactly what the money would be used for. There was so much pressure to get something done and get it done now. Big is not always better. Sometimes you have to let someone fail to set an example, and you just pick up and go on."
A Big Role For Small Business
Mike Lussier, President and CEO
Webster First FCU, Webster, Mass.The role of small business and credit unions in the nation's recovery would be significantly expanded by President Mike Lussier, who emphasized that increasing the member business lending cap would stimulate the economy "without costing consumers extra tax dollars."
Credit unions have the available liquidity and the willingness to participate in commercial lending, but many cannot "because like my credit union, we currently can't give out more funds because of the business lending limitation," Lussier pointed out. "There is also a lot of reform going on now that would bring in additional capital to credit unions. I would push some of the PCA requirements and PCA reform through so we can allow credit unions to have additional paid-in capital. That would provide even more liquidity to better serve the small business person and the blue collar worker in the community, as well."
When it comes to the federal bailout package, "The only concern I have is that to what extent are they going to stop? It concerns me when the government bails out private business, but that's needed today. But will it stop at $860 billion, or whatever the figure is they are at today? What's going to be the grand finale? What about throwing some sort of cap out there?"
President's Task: Change Perceptions
Harriet May, President and CEO
Government Employees CU, El Paso, TexasGiven the opportunity to lead this country, Harriet May would focus significant efforts on changing the perceptions of Americans that the country is heading toward a deeper recession, or even depression.
"The biggest issue I have right now is our fear of what might happen," said May. "Because you're seeing all of these problems everyday on the news, therefore (a continuing economic slide) must be going to happen, and you overreact. It's a spiraling effect. I talked to a small business owner who told me that he laid off six people in October because he was afraid of what January might bring. He said he needed those people in October, but he couldn't take the chance of things getting worse."
As president, May would focus her early efforts on building confidence in the nation, and while saying she would not censor the press, she would work with them to cover the good economic news, as well. She noted that locally 200 jobs were recently lost, but 500 were added.
As for the so-called "bailout," "I would create a stimulus package that would direct money at small businesses, and then I'd get the SBA refunded," outlined May. "Small businesses need the stimulus to operate, and they create 50% of the employment."
MBLs To The Rescue
Kris Mecham, President and CEO
Deseret First FCU, Salt Lake City, UtahKris Mecham would begin his presidential term by looking for economic solutions already in place, but "not active."
"The first thing I would look at is specific to our industry, and that's member business lending," he said. "With one stroke of the pen I could change the limits that have been imposed on a very conservative structure and have billions of dollars naturally flowing into the system, creating jobs and helping to stimulate the economy."
Unfortunately, there's no ready solution to bolster sagging consumer confidence, reminded Mecham, who feels a strong stimulus package with tax breaks that gets "cash into individuals' hands fast will be a great start. As a last resort we'd send a check."
To create jobs, Mecham supports the jobs packages under discussion, but would not simply "throw" dollars to each state. Mecham would insist that a "shovel-ready task" be presented before any money is awarded. And he would stress to Congress, "If there were ever a time in the country to be a little bit more non-partisan, this would be the time."
Mecham is behind the concept of the "bailout," saying TARP is necessary to stabilize the financial industry. "We couldn't afford to have the backbone of our country's finances go under. But I do believe it's opened a Pandora's box that we will have a hard time controlling...Some of these companies need to fail to become better."
Mecham is not against TARP funding for credit unions. While he understands the important philosophical aspect of CUs never taking taxpayer money, "In reality we are disadvantaged because our primary competitors are receiving TARP funds and therefore advantages we are not. That's a tough pill for me to swallow when many credit unions did not go outside the lines and get involved in speculative products and found themselves in troubled times because of their geographic locations. I believe we should represent ourselves in Congress as an equal player with equal opportunity to access TARP assets. But it would be an individual CU decision, not a movement decision, on whether to take funds or not."
Lesson From An Oval Office Lunch
Dan Mica, President
CUNA, WashingtonThe president of the U.S., in addition to developing effective plans and strategies, has to be a strong motivator and leader to rebuild confidence in the government and the country, believes Dan Mica, a former democratic congressman from Florida.
As this country's leader, Mica would focus on trying to change the thinking of the American public. "Right now the American psyche is beaten down, worn, and skeptical. Everything I would do would be around changing that thinking."
As a Congressman in the 1980s, Mica knew former President Ronald Reagan well. "One afternoon he invited me to the Oval Office for a private lunch, and I remember he was concerned about the problems with the recession. He told me that one of the most important lessons he learned in his life is that the first thing you have to do to effect change is change the mindset of the people. Whether that was in speaking from the bully pulpit, or in his comments and actions every day, he was focused on rebuilding confidence in the minds of Americans."
Mica, who currently has a brother serving in Congress, said he would also "do a lot of listening to the American public. They are tired of the divisiveness. They truly are looking for us to come together. I might say to Congress, 'I got elected on the premise that I would try to bring this country together and we would have change, and Congress has to change, too.' "
One of Mica's first actions would be to share his concern about how the first $350 billion in bailout money was spent, without any "real guidelines, accountability, and follow through. Having said that, this is the first time I can recall in a decade where both liberal and conservative economists and think tanks here in Washington are saying we need to have additional stimulus to avoid an even more severe downturn. It's paying now to avoid paying later."
Mica understands that while the solutions to problems miring the country are often U.S. focused, his administration would also quickly seek ways to help address global economic issues.
"I do think there has to be a stimulus or bailout package," Mica added. "I would not give a penny to any financial institution without strict conditions, accountability, and repayment programs. I am prejudiced because I work with credit unions, but I think Main Street has been overlooked. Shovel-ready projects are helpful, but we have to stem foreclosures-in a reasonable way, one in which we help the people who sincerely got caught in the mortgage crisis and not those trying to flip houses."
The Need To Speed Infusion of Cash
Jeff Post, President and CEO
CUNA Mutual Group, Madison, Wis.Jeff Post doesn't envy Barack Obama and the enormous task facing him in restarting the economy. But if Post were in the resident's shoes, he knows exactly where he would begin. "There is a need for infusion of spending in our economy," Post shared. "While this may lead to high inflation, inflation may be necessary."
Post feels that any stimulus should also include tax cuts-more than what's being currently proposed-for businesses and individuals. "Private money spent is far superior to government spending and causes fewer inflationary pressures, among other bad things, for us to cope with later on," Post suggested. "I would not even consider raising or adding taxes-on anyone, especially credit unions. Tax increases will bring no relief to the economy, only more pain."
Count Post as another member of the credit union community who has issues with mark-to-market accounting, and feels those rules should be adjusted. "I wholeheartedly embrace more transparency in our financial system-which is what the mark-to-market rules were intended to create. But these new rules never anticipated the kind of economic decline we're in today."
Adjusting those rules would have an immediate impact on companies' balance sheets and help ease the liquidity crisis, offered Post. "In addition, changing the mark-to-market accounting rules would more accurately reflect a company's financial strength versus the current rules that are more of a reflection of the value of a company in a fire sale, which benefits no one. This action would have an immediate, positive impact on businesses and can be done at no cost."
Post said he would "go further, and look at what can be done long-term to improve the competitiveness of our federal government...Sadly, government accountability is something that we have lost in recent years."
Tackling All of the 'Woes'
Diana Roberts, President and CEO
Hershey FCU, Hummelstown, Penn.Diana Roberts would set in motion plans to "settle all of the woes of the country,"
"Part of that, certainly, is fixing the real estate market, working to stabilize interest rates, and no new taxes. And I would work to make sure all of the wars around the world are ended," she said.
Despite many "lofty" goals, Roberts acknowledged, she'd also provide strong direction to establish solutions to the energy crisis.
"I always look back to John Kennedy and how he had a vision of putting a man on the moon, and the entire U.S. embraced that vision," Roberts shared. "I would like to have that same sort of vision around the country's energy needs, and that my legacy would be that the country stopped its dependence on oil and fossil fuel."
Value of PR & Flying Coach
Randy Smith, President and CEO
Randolph-Brooks FCU, Live Oak, TexasThe "sore lack of confidence" Americans have in the economy and the government requires public relations support to correct, believes Randy Smith, who said one of the first things he'd do as president is hire a PR firm. "Every night we go home to stories on the news about wasteful spending, pet projects being passed, and people being appointed to positions who don't pay their taxes. The president needs a PR agency to sort all that out."
Smith would also work to change people's perception of Congress. "The impression folks have is that Congress sees themselves as superior to the people they serve," offered Smith. "So one of the first things I would do is make sure they fly coach when they travel to and from Washington. We need to remove the feeling that somehow Congress is above the people and get them back into the trenches with the real folk."
Smith would also reduce the size of Congress. "I'd cut it by half," he stated. "It's cumbersome, bloated bureaucracy that just breeds inefficiency and waste. I'd also look at term limits. We never intended people to serve in Congress for their working lifetime. It's all out of kilter."
So is the tax system, added Smith, who would focus on making sure elected officials understand how complex the tax filing process is. "I would require every elected official to fill out their own tax returns - no software and consultants. Just take the regs and fill out the forms. Ideally we should have a tax system that's simple enough for everyone to understand. The current system really does encourage cheating. It's widespread and everyone knows that and it breeds contempt throughout the country."
Perhaps most important, suggested Smith, is encouraging people to begin planning for the future and saving, perhaps using the tax structure to further offer encouragement.
Smith said he would also eliminate the cap on member business lending and mark-to-market accounting.
And as for that other big issue in Washington: "Credit unions were supposed to be included in TARP, but some say bankers worked behind the scenes and prevented that," Smith proposed. "We need to make TARP money available to credit unions. We are not islands unto ourselves. We are very different in many respects, but our members get laid off too. You cannot solve all of these problems internally."
Trying To Make The Unknown Known
Pat Wesenberg, President and CEO
Central City CU, Marshfield, Wis.President Wesenberg would get "to the bottom" of the stock market fears as soon as possible.
"People need to have some understanding of where the bottom of the stock market is," she said. "Have we, or when will we, hit it, and how we are going to fix things to proceed from there? I think there are so many unknowns now that people are running scared. If we can get a handle on this, and people sort of accept where we are, that will help turn things around."
Wesenberg's administration would also prioritize getting funds to those in "sincere trouble with their mortgages" to prevent further foreclosures and bring some stability to the housing market.
A tougher aspect of the real estate crisis is determining how to get people buying homes again. "I admit I don't have the answers for that, but we have to figure that out," she said. "Right now everyone is in a holding pattern-they don't want to sell their house because they'll take a loss on it, and they don't want to move up because they don't want to take a loss on their new home."
While a gas tax might be unpopular, Wesenberg believes people will soon see the long-term benefits of a fuel surcharge. "Now that energy costs are relatively low, it might be the right time to focus on how we create a sustainable energy program," Wesenberg shared.
As for the current "bailout," Wesenberg observed, "We have to have it because the country can't run without a good financial system, and to have that people must have confidence in banks and credit unions. Without TARP there will not be that. But I would put strict conditions on the money that is given to banks and corporations, and insist on transparency. "
As for TARP, Wesenberg observed, "Months ago I would have said no TARP for credit unions. But as I see the enormity of the economic problems, I just think there has to be an option available for credit unions."
Living Within Your Means
Larry Wilson, President and CEO
Coastal FCU, Raleigh, N.C.Educating Americans on how to live within their means would be Larry Wilson's first order of business as president.
"Credit had been so available that everyone just whipped out the plastic," said Wilson, who would establish financial literacy programs."We really need to get people thinking about everything they buy and whether it's the right decision to purchase or not. A lot of the time we are spending our money on wants instead of needs. (The country has) gotten out of control. We all want cars with GPS and stereo equipment when what we need is basic transportation. We do the same thing when we buy homes-we want everything in them."
His education efforts would begin with kids.
"I hear parents complaining about their kids' huge text message bills. Kids don't realize how much things cost because parents give them everything," said Wilson, who first learned the value of money when working at a car wash when he was 12.
Wilson would mandate that the documentary Maxed Out become part of elementary and high school curriculum. The biting critique of the credit card industry shares how people get in financial trouble by abusing credit.
Wilson also said that it's time for the government to be "straight with the American public. I would try to help people who have been truly harmed by the subprime issues and structural problems with the economy. We have a lot of people who are getting pink slips who have been hard-working, paying-their-debts type of Americans. I would try to figure out how to assist them and keep their lives together."
"I think the bailout has been a bit unfair," contended Wilson, noting "We have some bad loans at Coastal, so is it fair that we can't sell them to the government when Bank of America sells them their bad loans? Shouldn't we all feed from the same trough?"
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