The banking system was broken as soon as deregulation happened.
Banks could "invest" aka gamble with deposits.
Add to that, the ridiculousness of the FRACTIONAL RESERVE system which allows them to loan a lot... In a time where most loans are on severely overpriced real estate.
Meanwhile, the real solution would be a state bank that doesn't …
The banking system was broken as soon as deregulation happened.
Banks could "invest" aka gamble with deposits.
Add to that, the ridiculousness of the FRACTIONAL RESERVE system which allows them to loan a lot... In a time where most loans are on severely overpriced real estate.
Meanwhile, the real solution would be a state bank that doesn't leech profits to shareholders and executives. One such successful bank is the state bank of North Dakota.
Also what is clear is that most did not realize that the ridiculous rise in real estate Was INFLATION. In fact, it was much more damaging than food and fuel because we spend a lot more on housing than those 2 things.
But dummies thought ridiculous rates of rise was like some kind of investment...
The bankers wrote and continue to write the banking regs, and where they do not completely write them, they have still a heavy hand on the wheel, and there's the revolving agency door.
The deregulation under Trump is not the problem here, he was evening the field for the smaller banks against the large ones. But yes, I'd agree when you see deregulation coming through Congress we have to wonder too.
That fractional holdings reg has of course lowered that fraction amount repeatedly.
Fraud and self-serving is so pervasive as to be rampant at banks, as we suspect and know. I knew a guy that a local state bank would send out to go through the books, the desks, the drawers, the file cabinets and cardboard boxes - everything of a branch's management. He'd come in at night and when he inevitably found it he'd call the bosses, who would then meet him early before opening, get the locks changed and go from there.
One of many things so difficult about banks, is they get the confession out of the employees, then they rarely prosecute because they do not want the banks to appear unsound in any way. I was my county's prosecutor for some of this 20 years ago, and argued the opposite - that the public would see the bank cracking down on fraud and theft and feel more confident.
Further digression - this grandstanding commitment to further disaster, as far as I can understand it:
The banking system was broken as soon as deregulation happened.
Banks could "invest" aka gamble with deposits.
Add to that, the ridiculousness of the FRACTIONAL RESERVE system which allows them to loan a lot... In a time where most loans are on severely overpriced real estate.
Meanwhile, the real solution would be a state bank that doesn't leech profits to shareholders and executives. One such successful bank is the state bank of North Dakota.
Also what is clear is that most did not realize that the ridiculous rise in real estate Was INFLATION. In fact, it was much more damaging than food and fuel because we spend a lot more on housing than those 2 things.
But dummies thought ridiculous rates of rise was like some kind of investment...
Good job people and pundits with your greediness.
There was a coup on December 23, 1913 the moment the Federal Reserve Act was signed into law.
And don't forget the 2nd component of that which was in same year: 16A
still illegal and unratified unless you are a resident of the foreign nation of Washington, D.C. that is.
TAXES = DEATH
https://www.2ndsmartestguyintheworld.com/p/original-social-engineering-sin
The bankers wrote and continue to write the banking regs, and where they do not completely write them, they have still a heavy hand on the wheel, and there's the revolving agency door.
The deregulation under Trump is not the problem here, he was evening the field for the smaller banks against the large ones. But yes, I'd agree when you see deregulation coming through Congress we have to wonder too.
That fractional holdings reg has of course lowered that fraction amount repeatedly.
Fraud and self-serving is so pervasive as to be rampant at banks, as we suspect and know. I knew a guy that a local state bank would send out to go through the books, the desks, the drawers, the file cabinets and cardboard boxes - everything of a branch's management. He'd come in at night and when he inevitably found it he'd call the bosses, who would then meet him early before opening, get the locks changed and go from there.
One of many things so difficult about banks, is they get the confession out of the employees, then they rarely prosecute because they do not want the banks to appear unsound in any way. I was my county's prosecutor for some of this 20 years ago, and argued the opposite - that the public would see the bank cracking down on fraud and theft and feel more confident.
Further digression - this grandstanding commitment to further disaster, as far as I can understand it:
https://www.jec.senate.gov/public/index.cfm/democrats/press-releases?ContentRecord_id=5C59614C-AF33-4263-810C-CF898C8C6BBB
There was a lot of deregulation under Clinton.
The joke is that Clinton passed what the GOP couldn't do.
Both parties serve the same masters.
Agreed. And themselves and each other, very often.