(Original source Baltimore Sun)
“While the event didn’t get the attention it deserved on this side of the Chesapeake Bay Bridge, one of the unsung heroes of the 2008 financial crisis was officially installed as president of Washington College last Saturday. Sheila C. Bair, the former chairwoman of the Federal Deposit Insurance Corporation and one of the few who warned of the subprime mortgage mess before the meltdown devastated Wall Street and the nation’s economy, became the first woman to be inaugurated president of the private liberal arts college on the Eastern Shore.
And appropriately enough, she had a new financial warning to offer.
There’s been entirely too much borrowing going on and too much short-term thinking, and that applies to how baby boomers are paying for their children’s college educations, Ms. Bair told her audience in Chestertown. This is a generation with an “excessive reliance on cheap credit” instead of real wage growth to fuel economic expansion, she said.”
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