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The FDIC Chief Is Right. Who Is Listening?

By Jim Cramer

 About this article:
 The root cause of the surge in home repossessions is the government's "failure to deal effectively with unaffordable loans and unnecessary foreclosures," Federal Deposit Insurance Corp. Chairman Sheila Bair said in testimony today to the House Financial Services Committee in Washington. There. Simple enough. That's the issue. When people ask me if it is worth it to stay the course in equities now that we are down so much, I come back and say, yes, if you believe that Barack Obama will listen to Sheila Bair. I liked Bair from the get-go because she was no-nonsense when it came to IndyMac, but then I was bummed when she didn't close Downey or BankUnited, and I really hated what she tried to do with Wachovia -- give it to Citigroup with federal help when Wells Fargo was going to buy it at a premium, because she wanted...

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