Bank CEO Discusses Recession and Government Regulation
According to BB&T CEO John Allison, the 2008-2009 recession was not a result of market failure.
“Government policies create market distortions… Government regulation usually in the end looks like credit allocations usually to those that are politically favored at the expense of making sure credit is allocated to the most productive segments of the economy. Government regulation in the long term is almost always destructive.”
Allison’s interivew is part of a new batch of interviews from The Big Think that will take a look back at what went wrong with the financial crisis. The series will be updated weekly, with Allison being among a number of regular guests including Harvard University Professor Bill George and Columbia University Business School Dean Glenn Hubbard.
