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President's Message: The Economic Recovery—America's Investment Problem

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Letter Writer:

Rick Ocheltree, a banking executive in Richmond, Va.

Date Posted:

Jan. 31, 2012


The "falsification of the truth" as highlighted in Mr. Bullard's letter is point-on. This type of testimony shows great leadership as we begin to establish the new "baseline" in our return to a normal state of economic principles. In my opinion, this housing bubble and its impact on the traditional banking industry have created a generation of borrowers whose psychology will take us a generation to transform. The admitting to what has caused these problems is a great first step in transforming our abilities to fix these housing issues. I applaud Mr. Bullard for addressing this, and now it is up to each head of the household to begin to get their "financial" house in order, and let's return to the basics of consumer finance and to the new norm.