Senseless Panic: How Washington Failed America

Praise for Senseless Panic

What we can do to prevent future meltdowns

"Washington had better read this book. Bill Isaac is absolutely on target in his acute analysis of what he rightly calls the 'Senseless Panic of 2008.' He was at the center in preventing what could have been an even worse banking debacle back in the 1980s-but it didn't happen, thanks to his level-headed leadership. If Washington politicians ignore Isaac's insights, we will pay a fearful price."
—Steve Forbes, Chief Executive Officer, Forbes, Inc.

"Bill Isaac has dedicated his life to the public policy arena. He thinks straight, and he talks straight. Washington must read Senseless Panic to learn the lessons of the past and set the course for the future."
—Lawrence Kudlow, host of CNBC's The Kudlow Report

"Bill Isaac throws down the gauntlet to Bush, Paulson, Obama, and Geithner. Their fixes and bailouts, he argues persuasively, were wrongheaded and very expensive. Learn from past crises and prevent the next collapse, says this experienced and outspoken former bank regulator. Let the real debate within the establishment begin."
—Ralph Nader, lawyer, author, and political activist

"I would respectfully urge President Obama: Read this book. Emulate success. Spend time debriefing this real-world financial expert. What other effective bank regulator, besides Paul Volcker and Bill Isaac, do you know who fixed our broken financial system for two presidents-Carter and Reagan? Nothing speaks louder than success."
—Rep. Marcy Kaptur (D-OH)

"If our national leaders had listened to Bill Isaac over the past two decades, particularly when the crisis hit in 2008, we would have avoided the enormously costly financial meltdown. This book is must reading for students of financial history."
—Dr. Arthur Laffer, Chairman, Laffer Associates

"In the 2008 debate over TARP, Bill Isaac came to Washington and presented over 200 members of Congress with an alternative to the government bailout. His arguments helped convince a skeptical House to stunningly reject and vote down the bailout proposal. Although the administration, leaders of both parties, and Wall Street drove a panicked stampede toward government intervention, Bill delivered a forceful case that still counters the myth that Washington had only one viable option to address the financial crisis. Bill's book is must reading for all who care about financial and economic reform."
—Rep. Darrell Issa (R-CA)

William M. Isaac is Chairman of LECG Global Financial Services and one of the world's foremost authorities on bank regulation. He served as chairman of the Federal Deposit Insurance Corpor-ation (FDIC) during the banking and S&L crises of the 1980s, when some 3,000 banks and thrifts failed, including nine of the ten largest Texas banks as well as Continental Illinois, the nation's seventh largest bank. Isaac writes frequently for the Wall Street Journal, the New York Times, Forbes, the Washington Post, American Banker, and other leading publications; testifies before Congress; makes regular appearances on leading television and radio programs; and is a contributor to CNBC.