John Allison, CEO of BB&T Corp., sent his own letter to Congress on Tuesday. Here is the letter itself, here is a story about it. It's a nice bullet-pointed take on the current situation. I think the most important gist to be take from it is that this is a Wall Street problem, not a Main Street problem-- that is, it's large national banks that are in trouble. The smaller, more responsibly managed ones are doing just fine. BB&T, it should be noted, posted a $428 million profit in the second quarter.
BB&T is the nation's 14th largest financial institution. For the initiated, BB&T refuses to make commercial loans to companies seizing private land via eminent domain, which makes them heroes in my book.