NORWICH – Chenango County’s most prominent bank and leading corporate citizen supports the federal government’s proposed bailout of Wall Street’s investment banking industry.
Prior to the United States Senate’s approval last evening of the now $800 billion plus infusion, NBT Bank, N.A. President and Chief Operating Officer Martin A. Dietrich said he was in favor of it. Some type of package is necessary, he said, in order to keep the nation’s economy from slipping into a deep recession.
“If not remedied, it will spill over Main Street, and then we are looking at a very deep and prolonged weakness in the economy,” Dietrich said. “It’s absolutely critical. No one wants a bailout, but it’s what the credit markets need right now.”